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Hi everybody - George Sourris, Empire Legal.
Today's topic: 2024 Christmas QLD property shut down dates - everything you need to know.
Guys, this week we're explaining the deadlines for shutdown and reopening dates and all the tips you need to know for Christmas shutdown 2024 for Queensland property. We explain the mandatory shutdown dates, whether you can still sign a contract this year that will settle this year, how to deal with the cooling-off over the shutdown period, as well as much more.
This is a must watch for real estate agents.
Hey everyone, George Sourris - Empire Legal. Let's chat about shutdown dates. Can you believe how fast this year has gone? As at the date of writing this blog, Christmas is only 62 days away. That's only 9 weekends until Santa is coming to a chimney near you.
Surrounding Christmas comes a few hot topics:
The good news is that we have all the information you need to navigate the Christmas shutdown period. Without digging too deep into the legal jargon, the standard REIQ, Real Estate Institute of Queensland, contract defines a "business day" as:
any day other than a Saturday or Sunday, a Public Holiday in the place of settlement, and a day in the period of 27 to 31 December inclusive.
So, when we look at the calendar for the end of this year, the last business day is Tuesday the 24th of December 2024, Christmas Eve. The first business day after the shutdown period is Thursday the 2nd of January 2025. Wednesday the 1st of January 2025 is a Public Holiday for New Year's Day. So, business commences for 2025 on Thursday 2nd of Jan 2025.
Now, any conditions that fall in the period of 25 December 2024 to 1 January 2025 inclusive will automatically default to the next business day, being Thursday 2nd of January 2025.
So, what does this mean for contracts being signed up this year? Well, put simply, from Monday the 25th of November 2024, if you sign a contract with a standard 30 day settlement, it will not settle in 2024.
If you're signing a contract with a standard 30 day settlement, Sunday 24 November 2024, is the last date. 30 calendar days from the 25th of November 2024 is the 25th of December 2024, which is a Public Holiday and Christmas day and a non business day. So therefore the matter cannot settle. The next business day is 2nd of January 25th.
Real estate agents - we suggest any contract shorter than 21 days will be tight, but still possible to settle. So make sure if you need to settle in 2024, you're modifying the standard 30 day settlement period to get it to settle by the 24th of December 2024 at the very, very latest.
If you miss that day, it's Christmas and it's all over until 02 January 2025. Now, if the contract's 14 days or less, it may not be possible to settle, because local councils for searches and the banks for either releasing a mortgage or providing money for a new purchase, are likely to need 10 business days to be able to comfortably settle.
So Empire Legal, how long are you closed for? I need help with my property.
We'll be closing our office in the afternoon of the 24th of December, Christmas Eve and reopening at 9am on the 2nd of January 2025. We are only closing for the minimum mandatory dates that the industry shuts, to make sure we are available to help our real estate agents, mortgage brokers, and clients.
Now, keep in mind guys, that some other law firms shut for extended periods of time in January beyond the standard dates, sometimes even extra weeks - until mid or late January. We're here to help. So if you have clients that need help, trust with confidence that we are here to help you and your client's - deals will get settled.
We only shut down for the mandatory dates. A cCouple of quick things to keep in mind before we wrap up.
- The above dates only apply to REIQ contracts. If you have an off-the-plan or any other type of contract, then it's unlikely the shutdown period will apply. If we're representing you in an off-the-plan contract, don't worry, we will not be ghosting you. We are still working to make sure your deals settle.
- If your REIQ contract is on a current edition after February 2022, there's the option for either party to extend five business days without penalty, which is the famous Clause 6.2. This might be useful if you or your bank need more time to settle over the Christmas break, and you can't make the settlement deadline.
The cooling-off period will continue to run on contract signed between 27 December and 31st of December 2024, not considered a statutory Public Holiday - so buyer beware!
If you have any questions during the shutdown period, the Queensland Law Society will be your best point of contact, as the whole industry is shut down.
Guys, watch out for our cool Christmas email signatures coming to an email inbox near you. Also, there's no higher public reviewed property law firm in the State of Queensland with a 5 star client satisfaction average. Google us and you'll see over 2,400 five star reviews. We're here to look after our clients and our referral partners to make sure everyone gets settled and has a great experience doing so.
Any questions guys, get in touch with us. Send us a DM - whatever - just contact us. If you need help, get in touch. Like and subscribe our YouTube and Instagram. We're growing the following, spreading the love and sharing free content. Thank you guys. Brace yourselves for a busy November and strap in for an even busier December. Then go and enjoy a well deserved rest.
Thanks guys - see you next week!
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George Sourris. Empire Legal.
If you have any questions, you can email me: george@empirelegal.com.au.
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Thanks for reading everybody. See you on the next one.
Ladies and gentlemen, please keep in mind that all advice is general in nature and does not constitute legal advice. This is authorised by George Sourris, Empire Legal, Brisbane, Queensland, Australia.
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Note: all information is general in nature and as each matter is unique please contact our office for tailored advices: the above does not constitute legal advice.