Three Reasons to Hire a Real Estate Special Commissioner

Objectivity is one of the top reasons that a third party is hired or appointed when a property is in dispute in court. For instance, divorces are often messy and emotional with each side seeing things from their perspective. In some instances, the house or other property holdings can be used inappropriately to make a point or to get even. 

 

By appointing a real estate special master, the court can ensure that the asset(s) are protected and will not be manipulated by either party until a decision has been reached. This decision can be made at any point during the process. The earlier the better in cases where the risk is high that someone will attempt to damage or decrease the value of the business or property in question.

Protection and continuity of operations is another reason that this unique position is used by the court. This is typically seen in commercial disputes when a partnership or a company is going bankrupt and a financial entity is trying to protect the property until they take ownership. The special master or real estate special commissioner is an outside resource that should not have ties to either side. This allows them to manage and make impartial decisions as needed. The scope of their authority is determined by the court so they can be most effective.

Commercial receivers in Arizona must act according to the guidelines and regulations set by the state and within the authority given them by the court. In some instances, this can include negotiating the sale of the property, so the value can be determined by the judge. This position can hire, fire, manage routine operations, enhance their property and sell if necessary. Every action taken should be in the best interest of the asset so that it increases or remains the same in value but is not intentionally decreased. For this reason, the individual appointed or hired must be well-versed in receivership laws for residential, industrial and commercial properties. It’s the only way they can do their job effectively and successfully. The court usually has a list of firms they work with that are reliable with a good reputation in the industry. Clients can work with their attorney or find one on their own and petition the court for this assignment to take place.

 

The court’s job is to make sure that all parties are treated fairly and that assets are divided or appropriated according to the law. While the process can be charged with emotions and lengthy, the real estate special master will ensure that it remains in its current condition or better to avoid complicating the court’s mandate. Go online and check out the various firms that specialize in property receivership and see how you can protect your home, business, or land during legal proceedings.

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