Calculating crucial Contract dates over the Christmas period
Can you believe we are nearly half-way through December already? We can’t! We have been so busy the last few weeks with many clients wanting to buy or sell in time for Christmas or just after the New Years’ break.
With this in mind, we thought it would be prudent to discuss some of the main clauses in the Real Estate Institute of Queensland (REIQ) Contract of Sale that deal with crucial condition dates and Settlement dates over the holidays period to assist you if you are signing a Contract over the holiday period.
Weekends and Public Holidays
The rule with weekends and public holidays is the same at Christmas time as it is throughout the year; that is, if a condition or Settlement falls due on a weekend or a public holiday then it will fall over onto the next available business day. For example, if Settlement falls due on a Saturday and the following Monday is a public holiday, Settlement will be on the Tuesday.
Pool Safety Inspection Dates
This is the condition that most buyers and sellers get confused with.
If there is a date written into the reference schedule in the Pool Inspection section, the condition will fall due on that date.
If the due date has been left blank and there is no current Pool Safety Certificate in place for the pool or spa, then the condition will either fall due on:
a. the Building and Pest due date; or
b. If the contract is not subject to a Building and Pest condition, then two business days before settlement.
This condition does not apply to contracts formed at Auction, whereby Buyers are signing an unconditional Contract.
The Christmas Period
The latest versions of the REIQ contracts stipulate that the days which fall between the 27th December and the 31 December (inclusive) i.e. between Christmas and New Years are treated as being a public holiday.
Using this year as an example, if a condition or Settlement falls due on say the 27th December 2016, it would be pushed over to the 3rd January 2017 being the next available business day after the 31st December 2016.
Our office will be closing on 23 December 2016 and re-opening on 9 January 2017, however a few of our staff members will be available by email and will be attending our office intermittently. If you require pre-contract advice over this time or have any questions, please don’t hesitate to contact us.