Private Management Branch PROPOSAL BY MANAGER FOR SALE OF REAL ESTATE
Where a manager considers that it is in the best interests of the protected person to sell real estate owned by the protected person, it is necessary to obtain the approval of the Protective Commissioner to the proposed sale before any further steps are taken. Support Officer Reference:……….. OPC Client Reference Number:………….
Please complete the following so that the Protective Commissioner has the information necessary to consider your proposal. Name of protected person ………………………………………………………….......................................................... Protected person’s current residential address ……………………………………………………………………………………………………. Names(s) of manager(s) ………….…………………………………………………………………………………………. …………………………………………………………………………………………………….. Proposal I/We the manager(s) propose to sell the protected person’s real estate at……………………………………….................................................................................. I/We request the Protective Commissioner’s authority to proceed with the sale. ______________________ Name of Manager(s) ________________________ Signature __________ Date
______________________ Name of Manager(s)
________________________ Signature
__________ Date
Please continue to fill out the entire proposal and return it to: Office of the Protective Commissioner Locked Bag 5115 PARRAMATTA NSW 2124
Office of the Protective Commissioner 160 Marsden Street Locked Bag 5115 Parramatta NSW 2124 Phone: (02) 8688 2600 Facsimile: (02) 8688 9788 Toll Free: 1300 360 466 Email: pmsd@opc.nsw.gov.au TTY: 1800 882 889
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ASSETS and LIABILITIES Please list the protected person’s present Assets & Liabilities DETAILS OF ASSETS Bank Accounts, Cash Assets etc. $
Real Estate (including furniture & effects in that real estate)
Investments, shares and similar
Accommodation Bond (paid to) Other
Total
DETAILS OF LIABILITIES
$
Total
What are the reasons for selling the real estate? (as opposed to renting etc) …………………………………………………………………………………………………….……… ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………………… …………………............................................................................................................................. ....................................................................................................................................................... ....................................................................................................................................................... ....................................................................................................................................................... ......................................
Office of the Protective Commissioner 160 Marsden Street Locked Bag 5115 Parramatta NSW 2124 Phone: (02) 8688 2600 Facsimile: (02) 8688 9788 Toll Free: 1300 360 466 Email: pmsd@opc.nsw.gov.au TTY: 1800 882 889
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VIEWS OF THE PROTECTED PERSON If possible, please state the views of the protected person: ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………………… ……………………………………………………………………………… VIEWS OF FAMILY Please list the names and addresses of the protected person’s immediate family and if possible have them state whether they support the proposed sale. They should sign where indicated or annex their written views. Name of Family Member Relationship to Protected person Support or Non Support (Yes/No) Please attach any comments Signature (If any)
VIEWS OF THE GUARDIAN(s) If a Guardian(s) has been appointed , please have them provide their views or attach a written statement: ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………………… …………………………………………………………………… …………………………… Signature of Guardian(s)
COPY OF WILL If not already held by the Protective Commissioner, please annex a copy of the protected person’s last known Will.
Office of the Protective Commissioner 160 Marsden Street Locked Bag 5115 Parramatta NSW 2124 Phone: (02) 8688 2600 Facsimile: (02) 8688 9788 Toll Free: 1300 360 466 Email: pmsd@opc.nsw.gov.au TTY: 1800 882 889
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REPORTS FROM REAL ESTATE AGENTS Please obtain and attach reports from at least two (2) local real estate agents or a report from a licensed valuer. The reports must contain the following information (a) a description of the real estate and improvements; (b) suggestions of any work required to make the real estate more attractive/saleable and the approximate cost of this; (c) an estimate of the current market value of the real estate; (d) the recommended method of sale, i.e., private treaty or public auction, etc and where an auction sale is recommended, an indication of the advertising budget. What is your preferred method for sale of the real estate? Method of Sale Private Treaty Public Auction Other Tick as Appropriate
What are your reasons for selecting the particular sale method? ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………………… ……………………………………………………………………
SALE PRICE Please fill in the following having regard to the agent’s reports; What is your recommended listing price? $.........................
What is your recommended minimum negotiable price? $......................... If your recommended listing and/or minimum sale price differs from the agent(s) recommendation please provide your reasons for the variation. ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………………… …………………………………………………………
Office of the Protective Commissioner 160 Marsden Street Locked Bag 5115 Parramatta NSW 2124 Phone: (02) 8688 2600 Facsimile: (02) 8688 9788 Toll Free: 1300 360 466 Email: pmsd@opc.nsw.gov.au TTY: 1800 882 889
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DISPOSAL OF FURNITURE AND PERSONAL EFFECTS Please provide a proposal for disposal of any furniture and personal effects. ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………………… ………………………………………………………… ASSETS AND LIABILITIES What impact will sale of the real estate have on the protected persons’ estate? (eg; income from pension, estimated income from investments of proceeds, reduction of accommodation bond interest or liabilities etc.) In the short term ……………………………………………………………………………………………………………… ………………………………………………………………………………………… ……………………………………………………………………………………………………………… ………………………………………………………………………………………… …………………………………………………………………………………………………… …………………………………………………………………………………………………… …………………………………………………………………………………………………… …………………………………………………………………………………………………… ……………………………………………………………………………………………………………… ………………………………………………………………………………………… …………………………………………………………………………………………………… In the long term: ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………………… ……………………………………………………………………………………………………………… …………………………………………………………………… ……………………………………………………………………………………………………………… ………………………………………………………………………………………… ……………………………………………………………………………………………………
NOTE: It is recommended that the managers seek independent financial advice to ensure that any proposed changes are in the best interests of the estate. This may include contacting Centrelink concerning how the protected person’s entitlement may change due to this proposal. This advice should be attached to the proposal.
Office of the Protective Commissioner 160 Marsden Street Locked Bag 5115 Parramatta NSW 2124 Phone: (02) 8688 2600 Facsimile: (02) 8688 9788 Toll Free: 1300 360 466 Email: pmsd@opc.nsw.gov.au TTY: 1800 882 889
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CONSENT TO SALE If the Protective Commissioner approves of the real estate being sold the manager will be informed in writing. The manager can then issue the appropriate instructions to the real estate agent of the manager’s choice and provide a copy of the attached Information. The manager should then forward the lawyers/conveyancers sheet (Appendix A) to the lawyers/conveyancers acting for the protected person in the sale choice to enable the sale to proceed. SALE PROCEEDS Unless otherwise directed, the protected person’s share of the net sale proceeds of real estate must be lodged with the Protective Commissioner pending receipt of a proposal from the manager for the investment of the funds having regard to the provisions of Section 14C of the Trustee Act, 1925.
FEES The Protective Commissioner may charge a fee for the work involved in assessing the proposal. Authority to do so is contained in the Protected Estates Regulation 2003.
For lawyers/conveyancers Information please go to Appendix A. (managers should hand this sheet (Appendix A) to the lawyer/conveyancer when instructing them to act for the sale of real estate) If sale by private treaty is recommended please go to Appendix B. If sale by public auction is recommended, please go to Appendix C.
This document has been prepared by the Attorney General’s Department of NSW for general information purposes. While every care has been taken in relation to its accuracy, no warranty is given or implied. Further, recipients should obtain their own independent advice before making any decisions that rely on this information. 11/07
Office of the Protective Commissioner 160 Marsden Street Locked Bag 5115 Parramatta NSW 2124 Phone: (02) 8688 2600 Facsimile: (02) 8688 9788 Toll Free: 1300 360 466 Email: pmsd@opc.nsw.gov.au TTY: 1800 882 889
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APPENDIX A INFORMATION FOR LAWYERS/CONVEYANCERS Managers should hand this sheet to the lawyer/conveyancer when instructing them to act to the sale of real estate. CONTRACT AND TRANSFER DOCUMENTS The consent of the Protective Commissioner is required to be endorsed on the Contract and the Transfer. These documents need to be lodged with the Protective Commissioner at the appropriate time. The procedure to be followed at that time is set out below. The Contract and Transfer should be forwarded to the Office of the Protective Commissioner for endorsement by the Protective Commissioner and should be accompanied by a letter from the lawyer/conveyancer certifying that the document is in order and protects the protected person’s interests as vendor. After the Contract has been endorsed with the Protective Commissioner’s consent it will be returned to the lawyer/conveyancer so that the sale process may commence. Contract Special Condition - Contractual Capacity The protected person is to be named as purchaser/vendor in the Contract for Sale and a special condition included in the body of the Contract stating the capacity in which the manager contracts on behalf of the purchaser/vendor as per the following example: “Mary Smith is a protected person and Helen Smith has been appointed by *Order of the Supreme Court in its Equity Division Protective/*Order of the Guardianship Tribunal to manage the property of Mary Smith under the authority and direction of the Protective Commissioner. Helen Smith has been authorised by the Protective Commissioner to enter into this *purchase/sale as certified by the placing of the seal of the Protective Commissioner on this document”. * Delete where appropriate and change names appropriately. Form of Execution of Documents by Managers The Contract and Transfer are to be prepared in the name of the protected person as owner or registered proprietor and executed on his/her behalf by the manager as per the following example – “Mary Smith by (signature of manager) Helen Smith Manager appointed under Protected Estates Act, 1983 Ref……….” SALE PROCEEDS Unless otherwise directed, the protected person’s share of the net sale proceeds of real estate must be lodged with the Protective Commissioner pending receipt of a proposal from the manager for the investment of the funds having regard to the provisions of Section 14C of the Trustee Act, 1925."
Office of the Protective Commissioner 160 Marsden Street Locked Bag 5115 Parramatta NSW 2124 Phone: (02) 8688 2600 Facsimile: (02) 8688 9788 Toll Free: 1300 360 466 Email: pmsd@opc.nsw.gov.au TTY: 1800 882 889
APPENDIX B SALE BY PRIVATE TREATY Contract Where the Protective Commissioner has authorised a sale of real estate by private treaty, the following documents should be lodged with the Protective Commissioner prior to the property being listed for sale (a) Contract for endorsement of the Protective Commissioner’s consent; (b) Letter from the manager’s lawyer/conveyancer certifying that the Contract is in order for signature by the manager and protects the protected person’s interests; After the Contract has been endorsed with the Protective Commissioner’s consent it will be returned to the manager’s lawyer/conveyancer. Provided the property is sold within the price range and terms approved by the Protective Commissioner, contracts may be exchanged without further reference to the Protective Commissioner.
This document has been prepared by the Attorney General’s Department of NSW for general information purposes. While every care has been taken in relation to its accuracy, no warranty is given or implied. Further, recipients should obtain their own independent advice before making any decisions that rely on this information. 11/07
Office of the Protective Commissioner 160 Marsden Street Locked Bag 5115 Parramatta NSW 2124 Phone: (02) 8688 2600 Facsimile: (02) 8688 9788 Toll Free: 1300 360 466 Email: pmsd@opc.nsw.gov.au TTY: 1800 882 889
APPENDIX C
SALE BY PUBLIC AUCTION Contract Where the Protective Commissioner has authorised a sale by public auction, the Contract should be forwarded for endorsement of the Protective Commissioner’s consent as soon as possible in order that it can be made available for inspection by prospective purchasers prior to the proposed auction date.
Setting of Reserve Price At least 10 days prior to the auction the manager should provide to the Protective Commissioner a written recommendation as to the reserve price and the minimum offer that could be accepted in the event that the reserve price is not achieved. This recommendation should be accompanied by a report from the selling agent indicating the degree of interest shown by potential purchasers, number of inspections, number of contracts issued, details of any offers made and the agent’s recommendation of the reserve price that should be set. The Protective Commissioner will then approve of the reserve price in writing to the manager which should then be made available to the selling agent by the manager immediately prior to the auction commencing. The manager will also be informed at this time, if applicable, of the minimum offer that could be accepted if the reserve price is not achieved. If the reserve price is reached at the auction then the sale can proceed in the usual manner. Should the reserve price not be reached at the auction then the manager is authorised to negotiate with the highest bidder and other interested parties. If an offer at the reserve price or above can still not be negotiated immediately after the auction or no offer is received down to the approved minimum price, where applicable, then the manager should submit a further proposal to the Protective Commissioner regarding the sale supported by the recommendation of the selling agent.
This document has been prepared by the Attorney General’s Department of NSW for general information purposes. While every care has been taken in relation to its accuracy, no warranty is given or implied. Further, recipients should obtain their own independent advice before making any decisions that rely on this information. 11/07 Office of the Protective Commissioner 160 Marsden Street Locked Bag 5115 Parramatta NSW 2124 Phone: (02) 8688 2600 Facsimile: (02) 8688 9788 Toll Free: 1300 360 466 Email: pmsd@opc.nsw.gov.au TTY: 1800 882 889