PROP T3 A1 Rates balance enquiry video transcript QLD 20221201

PROP T3 A1 Rates balance enquiry video transcript QLD 2022_12_01.docx Page 1 of 1 © The College of Law Limited Rates balance enquiry demo Video transcript Let's have a look at the Brisbane City Council rates balance inquiry. Now, first of all, I just want to say that the details on this bill may not be relevant to your fact scenario, but the concepts we were talking about will be applicable to your fact scenario. Starting with the REIQ contract and at cl 2.6, the contract identifies that the seller is liable up to and including settlement for adjustments. So keep that in the back of your mind and we'll then go hunting through the rates balance inquiry. So, starting off with the billing period (so where my cursor is) the billing period is 1 July to 30 September. You'll see that (once again, where my cursor is) the balance outstanding as of 30 September, which is the end of the billing period, is $791.15. We'll also should take note of the settlement date, which in this fact scenario is 2 September. Now, I'm just going to scroll down and explain these different net amounts. So, it's $776.15. You ' ll see above that a discount if payment received by 7 August. Now, the bill is unpaid and will only be paid at settlement, so we know that settlement is 2 September. So that means then, as the discount is only applicable if the bill is paid by 7 August, that that discounted amount is not the relevant amount, and we work off the balance outstanding of $791.15. With respect to the application of the discount, and or its lack thereof, you might want to have a look at cl 2.6(2)(b) of the contract. Now, like I said, the bill ' s unpaid, but for the purposes of our settlement statement, we are going to treat it as having been paid by the seller. This means that we need to work out the amount for which the buyer is liable and this amount will then be a plus adjustment, as it will be added on to the purchase price. So, just going back to the settlement date being 2 September, and you may remember that cl 2.6(1), that says the seller is liable up to and including the settlement date for adjustments. So if we're working out the buyer's liability, that means we need to work out what the buyer is liable from 3 September, being the day after the settlement to the end of the billing period, being 30 September.
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