Handy Hints For Real Estate Agents.

For information on the Office of State Revenue Nominee/Agency ruling, please refer to the submenu on the Contracts page. You might also find it useful to check out the information on the Bank/Broker's page on preapprovals and also our GST page

Identify the owner

Obtain a full Title Search.

• Is the registered proprietor the person you are dealing with? If not establish that the person you are dealing with has the power to sell the property.
• If you are dealing with an Executor ask to see a copy of the Will. Has probate been granted?
• If dealing with Power of Attorney ask if the Attorney has been registered with Landgate. If not send the Seller to a reputable Settlement Agent to arrange for it to be registered.
• If the Title is in two names but you are only dealing with one, make sure that this person has authority to sell and find out what happened to the other registered proprietor.

Goods and Services Tax aka GST aka Great Settlement Trauma.

• Identify whether GST is payable upon the supply of the property.
• The Seller is always responsible to pay GST.
• Deal with GST upon listing, not on sale.
• Do not hold yourselves out as GST experts.
• Bring GST to the attention of the Seller and direct them to seek advice.
• Sellers that are not currently registered for GST may need to seek advice on whether they are required to be registered.
• If a Seller is not registered for GST and has received advice that they do not need to be registered for GST they cannot charge the Buyer GST.
• Sellers need to consider if GST will apply and if it does how it will be calculated. eg 10% GST, margin scheme, or do the going concern provisions apply.
• The Seller and their adviser should address these issues. Written advice should be obtained and provided to you. This information should be passed to the Seller's settlement agent/solicitor.

Ask the Seller the following questions:

1. Do you have an ABN?
2. Are you registered for GST?

If the answer to (1) is No, then the Seller cannot be registered for GST and cannot charge the Buyer GST.

If the answer to (1) is Yes and (2) is No then the Seller cannot charge the Buyer GST.

If the Seller answers Yes to both questions they should be directed to their accountant to seek advice. Refer to our GST page for more information

Identify the property you are selling -

• Strata property
1. Do you know where the boundaries of the lot begin and end?
2. Is the courtyard/driveway/garden common property?
3. Are there any bylaws registered on the Strata Plan? If yes, get copies and put them with the Strata Disclosure documents.

• Green/Strata
1. What encumbrances are on the title? What do they mean?
2. Watch for caveats, easements, restrictive covenants, warrants, fi fas or memorials.

• Complete all paperwork.
1. complete your listing form
2. order a full title search
3. complete all areas of the contract
4. make conditions simple (if possible), see Formulating Special Conditions
5. provide the settlement agent with all pertinent information
6. if you don't know something, ask someone
7. read the Joint Form of General Conditions, see Newsletter for a run down on the new Joint Form.

Download our Seller's Sales Checklist and Seller's Information Sheet or our Buyer's Sales Checklist and Buyer's Information Sheet.

Communication between you and the settlement agent that is acting for the seller or buyer is the most important aspect to ensuring a smooth settlement. This ensures that any issues or problems are identified and dealt with early.

If there are any specific queries or issues you would like addressed on our website, please contact us.