Property Settlements during Holidays

Settlements during holidays

The holiday period may be a convenient time to move house but what happens in the conveyancing process if my property settlement or another critical date falls during the Christmas, New Year holidays period?

The standard REIQ contract provides that should a critical date (other than cooling-off periods) fall on a non-business day, the following business day becomes the new critical date.

In addition to Saturdays, Sundays and public holidays the REIQ contract also stipulates that 27 December to 31 December each year are all non-business days for the purposes of the contract.

This means that should anything need to be done on any of these dates, that task will need to be completed on the next occurring business day.

Usually the first business day of the year is very busy for all parties involved in a conveyance. To avoid unnecessary running around and stress, give yourself the best chance to settle on time by agreeing with the other side, when the contract is being entered into, to set a settlement date well before or after the Christmas period.

Beware of Cooling-Off Periods

Cooling-Off periods are dealt with differently because they are imposed by legislation and not as part of the contract. Please remember then, that the business days of 27 December to 31 December each year, are still counted when it comes to calculating cooling of periods.

Keep in mind that most law firms and real estate agencies will be closed during that period and this may affect your ability to terminate the contract during the cooling-off period.

Please contact DBL Solicitors if you need advice in relation to your contract or conveyance.

John Devlin

John Devlin DBL Solicitors