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REIQ Journal : September 2008
OSL – ...take extra care when completing contracts to ensure that they accurately represent the instructions received from their clients. “at the heart of your network” Real time If a taxable supply of real property is made under the margin scheme, the amount of GST on the supply is one eleventh of the margin for the supply. Therefore if GST is calculated under the margin scheme, it will be less than GST ordinarily charged on taxable supplies at 10 per cent. The agent then sent a preliminary sales advice to the buyer’s and seller’s solicitors. It contained the front page of the contract and a sheet outlining the special conditions. The front page of the contract contained the agent’s handwritten details and specified a price of $2.05 million for the estate. There was no reference to GST. It was only when the seller issued a tax invoice in the amount of $2,255,000 that the difference in price was noted. It was then that the seller’s solicitor realised that the contract had been drawn incorrectly in relation to his client’s instructions. The court found that the buyer was aware that there was a mistake in the purchase price in the documents and had failed to tell his solicitor or the seller that the price had been misstated. The court stated that the buyer “deliberately engaged in a course of conduct designed to inhibit discovery of the mistake by the seller” and therefore ordered that the contract of sale be rectified by the substitution of $2,255,000 for the stated purchase price of $2.05 million. Lessons The case serves as a reminder to agents to take extra care when completing contracts to ensure that they accurately represent the instructions received from their clients. Agents should ensure that when filling out contracts of this type, they clarify with the seller whether the purchase price is exclusive or inclusive of GST. REIQ Journal September 2008 Listing information immediately available to all of your offices • Information is entered once and available to all your agents and web sites – no multiple entry of information. • Contact (CRM) activity is recorded from Appraisal through to Listing, Promotion (VPA) and the Sales process. OSL systems are set up to optimise your offi ce workfl ow. • providing information solutions for over 10 years • implemented in over 1,000 offi ces across Australia and New Zealand • more than 200 real estate web sites with full reference number searching, using the latest search and management tools TM TM TM Contact your local representative email firstname.lastname@example.org or phone Michelle 0420 304 055 www.oslsoftware.com Real Estate Software business