Residential Receivership

Residential receivership is a legal process where a court appoints a receiver to manage a residential property, typically due to financial difficulties, neglect, or legal disputes. The receiver acts as an interim manager, responsible for collecting rent, maintaining the property, and making decisions about its operation. This process helps protect the property’s value and ensures that obligations to tenants or creditors are met while a more permanent resolution is sought. It’s often used when the property owner can’t manage their property effectively or to stabilize situations until further actions can be taken.