WHAT HAPPENS TO CONTRACTS OVER CHRISTMAS 2023
It is always crazy how quickly Christmas lands on our doorstep each year. At MAP Lawyers, we need to be very conscious when we are approaching the Christmas period as there are a number of items that can impact our clients.
New South Wales AND Victoria
In New South Wales and Victoria, the definition of ‘Business Day’ is defined to include a day other than a Saturday or Sunday or a public holiday. Accordingly, in 2023, 27, 28 and 29 December are considered business days (unless the Contract is varied by special condition). Given most banking institutions and law firms/conveyancers are closed during this time, it is critical to review any due dates falling within this period prior to signing a contract.
Queensland
In Queensland, the standard REIQ Contract defines a ‘Business Day’ to mean a day other than a Saturday or Sunday, a public holiday in the place for settlement, and a day in the period 27 to 31 December (inclusive). This means that if you have a 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 2 January 2024.
Please however note that 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 on 27, 28 and 29 December.
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. This is particularly important if you have buyer’s remorse and wish to terminate under the cooling off period.
