️ Highlights:
1. The standard REIQ contract in Queensland defines a ‘business day’ as any day excluding weekends, public holidays, or the 27th to the 31st of December.
2. Critical milestone dates in the contract, such as due dates for finance, building and pest conditions, or settlement, that fall on non-business days will be automatically postponed until the next business day.
3. Contract conditions due between Christmas Day and the 1st of January will be moved to the 2nd of January.
4. The cooling off period in Queensland will continue to run during the Christmas break on any days that are not weekends or public holidays.
5. In the Northern Territory, contract conditions set to fall due on a non-working day will automatically be due on the next working day. Working days do not include Saturdays, Sundays, or public holidays.
Navigating Real Estate Contracts During the Holiday Season
As the festive season approaches, individuals involved in buying or selling residential property often wonder how their contracts are affected during the Christmas break. This article, authored by Claire Arnold, provides clarity on how standard real estate contracts operate during this period, focusing on the implications in Queensland and the Northern Territory.
Contractual Adjustments in Queensland
In Queensland, the standard REIQ contract defines a ‘business day’ as any day excluding weekends, public holidays, or the period from the 27th to the 31st of December. Consequently, critical milestone dates such as due dates for finance, building and pest conditions, or settlement, which would typically fall on these non-business days, are automatically postponed to the next business day. This means that contract conditions due between Christmas Day and the 1st of January will be moved to the 2nd of January.
The Cooling Off Period During Christmas in Queensland
Standard contracts for the sale of residential property in Queensland usually include a five-business-day cooling-off period, with certain exceptions. Notably, the definition of a ‘non-business day’ concerning the Christmas break does not apply to the cooling-off period. Therefore, during the Christmas break, the cooling-off period continues on days that are not weekends or public holidays, meaning it will run during the period from the 27th to the 31st of December.
Contractual Provisions in the Northern Territory
In the Northern Territory, any contract conditions set to fall due on a day that is not a ‘working day’ will automatically be deferred to the next working day. A working day is defined as any day other than a Saturday, Sunday, or public holiday. This implies that conditions due on the 24th-26th of December will be carried over to the 27th of December, and conditions falling due on 1 January 2024 will be due instead on 2 January 2024.
Seeking Legal Advice
For individuals with contracts running over the Christmas period who seek further clarification on how these rules apply to their specific situation, consulting with experienced conveyancing lawyers is recommended. It’s important to note that the information provided here is general and not legal advice.
Conclusion
Understanding how real estate contracts are affected during the Christmas break is crucial for buyers and sellers. The adjustments in contract dates in Queensland and the Northern Territory ensure that the holiday season does not disrupt the contractual obligations and timelines. For those navigating these contracts, being aware of these changes can help in planning and fulfilling contractual requirements effectively during the festive season.