What is a Receiver?

The Problem

The receivership process often faces significant challenges, some of which can give rise to concerns of bias. In unfortunate cases where the appointed Receivers lack the necessary knowledge, it can lead to the "obstructive party" being left in the dark as the Receiver primarily communicates with the party instigating the sale. This communication breakdown can result in both parties incurring substantial attorney's fees, an expense they would prefer to avoid.

Additionally, due to the infrequent demand for receiverships, it can be challenging to identify and secure the services of qualified and experienced Receivers. In some cases, unqualified individuals, such as real estate agents, may end up acting as Receivers without the necessary expertise to handle the responsibilities effectively. This further exacerbates the challenges associated with receivership.

The Solution

Receivers that are  Real Estate Agents and Attorneys - Our Receivers are top-tier  Real Estate Agents with specialized experience, training, and in-depth knowledge of the complexities involved in real estate receivership and top-tier Attorneys with a strong history of receivership matters, litigation in both family law, probate law, and business litigation, and a complete understanding of being unbiased. We have the market knowledge, negotiation skills, and problem-solving of the best Real Estate Agents out there and we handle all pleadings, filings, and reports necessary through the closing of the sale and distribution of the proceeds.

Transparency and Reporting: At the Lawyers Receivership Group, we prioritize transparency by offering comprehensive and ongoing reports on the status of the property sale in question is shared with the Court, the Parties involved, and their respective Attorneys.

No Additional Costs: In the majority of cases, we provide our services at no extra cost to either Party, apart from the standard real estate commissions typically associated with real estate transactions. However, if the receiver must perform many obligations outside of the Real Estate Agents role, as shown in the "Charged Fees" and "No Charged Fees", then fees shall begin being incurred.

Standard Receivership Process

The Court appoints the receiver to manage the real properties, either verbally or in writing. The appointment is confirmed by a signed order at the time of the verbal order or later.

The Lawyer's Receivership Group will contact the parties to arrange an on-site meeting, real property tour, and obtain necessary access items like keys or codes. They will install a lockbox and perform a fair market analysis for the estimated sales price. The parties and their attorneys will be informed of the analysis. The receiver may provide a list of items to be removed from the real property before listing it.

The Lawyer's Receivership Group will take possession of the real property to manage, control, rent, lease, repair, improve, stage, sell, or take any necessary actions to obtain the best sale price.

Once the real property is ready for market, listing photos will be taken for marketing purposes. A residential checklist will be completed if the real property hasn't been listed on the Multiple Listing Services (MLS). The real property will be marketed on various real estate websites in accordance with location.

In the event of a sale, The Lawyer's Receivership Group will execute a contract for the purchase of the real property at fair market value. A Report of Pending Sale and Motion to Approve Sale will be filed with the Court for authorization.

Once the Court signs an [Agreed] Order on Report of Pending Sale and Motion to Approve Sale, the receiver will sell the real property, convey title, and execute necessary documents to transfer ownership to the purchasers.

After the real property is sold, The Lawyer's Receivership Group will file a Report of Sale with the Court for confirmation.

Once the Court signs an [Agreed] Order on Report of Sale, the receivership will generally terminate unless the net proceeds from the sale are held in the receiver's trust account. The net proceeds can be deposited into the Court's registry, an attorney's trust account, or The Lawyer's Receivership Group's trust account.

Fees