Where a property is owned jointly, the proceeds must be paid to the owners jointly as one sum. Generally, we do not split the proceeds for example, 50% to one joint owner and 50% to the other.
In some cases, where you do not have a joint account, depending on the discretion of the lawyer, we may pay the sale proceeds to one party only. This is typically where a parent and child own a property together and one of the parties was initially on title for the purposes of financing only.
In the event of a separation, we can only disburse the proceeds according to the terms of a separation agreement or a court order and in the absence of such, we will hold the funds in trust until the separation agreement or court order is provided.
