Calculating Residential Contract Due Dates
Calculating due dates under a residential contract can be confusing, especially if the contract was signed on the weekend or a due date falls on a weekend or public holiday.
It is critical to get the due date for any condition right as if the parties do not follow their obligations within the timeframes provided, the other party may have a right of termination.
Below is quick summary on how due dates are calculated:
- The time period within a contract does not include the contract date. For example, if a contract is signed on a Monday, the clock does not start ticking until Tuesday. Similarly, if a contract is signed on a Saturday, the clock will start on Sunday.
- If a due date falls on a weekend or on a public holiday, under the standard REIQ contract the due date automatically falls due on the next business day. For example, if a condition was due on Saturday, the due date will automatically default to the Monday. If the Monday was a public holiday, the due date would default to the Tuesday.
At Map Lawyers, we take care of calculating all of the due dates and we provide you with a Critical Date Schedule, so you are always aware of what needs to happen when.