In a conveyance the parties have agreed to a rebate of the purchase price on settlement. What should I do?
This sort of arrangement usually involves a misrepresentation of the purchase price. There is most commonly a special condition or side agreement stipulating a significant rebate, discount or cash-back on the purchase price at settlement. Usually this amounts to an artificial inflation of the purchase price and the intention is that the rebate, discount or cash-back will not be disclosed to the financier.
There is also the issue of what details need to be entered on Forms 1 and 24.
There is a full discussion of all relevant issues and the steps you need to take in this Proctor article.