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Contract Dates Over The Christmas Period 2022-23

MAP Lawyers will be closed over the Christmas/New Year Period and will re-open at 9am on Tuesday 3 January 2023.

 

What happens to Contract Dates over the Christmas period?

Rest easy, the standard REIQ Contract defines a ‘Business Day’ to mean a day other than:

  1. A Saturday or Sunday;
  2. A public holiday in the place for settlement; and
  3. A day in the period 27 to 31 December (inclusive).

This means that if you have condition falling due on a day that is in between Christmas and New Year, it will automatically move to the first business day after that period, which is 3 January 2023.

You can therefore relax during this period knowing that your solicitor will action any condition due dates on our return on Tuesday 3 January 2023.

 

What happens to the ‘cooling off period’ over the Christmas break?

Contracts for the sale and purchase of residential property have a 5 business day statutory cooling off period (cooling off does not apply to auction contracts or where the cooling off rights have been waived). The cooling off period starts the day the Buyer or its lawyer (whichever comes first) receives a copy of the Contract (signed by both parties) and ends at 5pm on the 5th business day after receipt.

Unlike condition due dates, where there is a pause during the period 27 December to 31 December, the cooling off period will continue to run.

Accordingly, if you sign a Contract between Christmas and 1 January, the period of cooling off will still be running for the days which are not public holidays over that period (eg. if a Contract is dated 29 December 2022, the cooling off rights would expire on 6 January 2023). This is particularly important if you sign an unconditional contract and later have buyer’s remorse.

 

If you have any urgent questions about cooling off periods or critical dates over the Christmas period, we recommend you contact the Queensland Law Society for assistance.

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