Christmas is so close - we can almost smell it!
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It is coming to that time of year again....as at the date of writing this blog, Christmas is only 46 days away! Surrounding Xmas comes a couple of important things:
1. A well deserved break (yay); and
2. Confusion as to exactly what the shutdown dates are for QLD property contracts (nooo).
Well fear not - we have the answers for you right here!!
Without digging too deep into the legal jargon...standard Real Estate Institute of Queensland (REIQ) Contracts define a "Business Day" as:
When we look at the calendar for end of year, the last business day of the year is Friday 23 December 2022. The first business day after the shutdown period is Tuesday 03 January 2023.
Monday 02 January 2023 is the Public Holiday for New Years Day, so business for 2023 commences on Tuesday 03 January 2023 instead.
Any conditions that fall in the period of 24 December 2022 - Monday 02 January 2023 (inclusive) will automatically default to Tuesday 03 January 2023.
But Empire, how long are you closed for? I need your help buying a property!!!
We will be closing our office in the afternoon of 23 December 2022, and returning 9.00am on 03 January 2023.
Keep in mind that some law firms shut for extended periods of time beyond the shutdown periods listed above. We are here to help - so you can have the trust and confidence that we are here when you need us!
EXTRA things to keep in mind:
1. The above dates only apply to REIQ Contracts - if you have an Off-The-Plan (OTP) or other type of contract then it is unlikely that the "shutdown" dates in the article apply (check with your lawyer if you have an active contract of sale). If we are representing you in an OTP purchase, we will still be working on your matter and get you settled (not leave you high & dry).
2. If your REIQ contract is on a 17th Edition (released Feb '22), then there is the option for either party to extend 5 business days without penalty (clause 6.2). This may be useful if you need more time to settle over the Xmas break and are approaching a deadline that you cannot meet.
3. The cooling-off period on any contracts signed between 27 Dec 2022 - 31 Dec 2022 will continue to run, so buyer beware! If you have questions during our shutdown period, the QLD Law Society will be your best point of call for assistance.
4. Watch out for our cool Xmas signatures - coming to an email inbox near you soon!
5. Don't do what this author does and leave Xmas shopping to the last minute. It is never a good idea.
Any questions - feel free to get in touch with us below, via email, Insta DM, phonecall or however you please.
Happy property hunting.
George Sourris.
Legal Practice Director.
Empire Legal.
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.