In this blog we explain in 4 minutes the deadlines, shutdown / reopening dates & tips that you NEED TO KNOW for Christmas shutdown 2023 for QLD 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 cooling-off over the shutdown period, as well as much more. This is a MUST WATCH for REAL ESTATE AGENTS.
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Hi everybody - George Sourris, Empire Legal.
Today's topic: QLD Property Christmas Shutdown Dates 2023
It's coming to that time of the year again.
As at the date of writing this blog, Christmas is only 33 days away. Surrounding Christmas comes a few hot topics:
1. A well deserved break.
2. When is the latest a contract can settle this year?
3. Confusion as to exactly what the shutdown dates are for the Queensland property industry.
Fear not, we have the answers for you.
Without digging too deep into the legal jargon, standard Real Estate Institute of Queensland (REIQ) contracts define a "business day" as:
So, when we look at the calendar for the end of this year, the last business day is Friday 22 December 2023. The first business day after the shutdown period is Tuesday 02 January, 2024.
Monday 01 January 2024 is a Public Holiday for New Year's Day.
So, business for 2024 commences on the 02 January, 2024.
Any conditions that fall in the period of the 23 December 2023 - Monday 01 January 2024 inclusive, will automatically default to Tuesday 02 January 2024.
What does this mean for contracts still being signed up this year?
Well, put simply, from Thursday 23 November 2023, if you sign a standard 30 day contract, it WILL NOT settle in 2023.
30 calendar days from 23 November 2023 is 23 December 2023 - which is a weekend day, and therefore the matter cannot settle. The next business day is 02 January 2024.
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 it to settle in 2023, you're modifying the standard 30 day settlement period to get it to settle before the 23 December 2023.
Now, if the contract is 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 will likely need at least 10 business days to be able to settle.
Empire Legal - how long are you closed for? I need you to help me buy or sell my property.
We will be closing our office in the afternoon of Friday 22 December & reopening at 9.00am on Tuesday 02 January 2024.
Now - keep in mind guys that some law firms shut for extended periods of time in January beyond the standard dates - sometimes until mid or even late January!
We are here to help. So if you have clients that need help - trust with confidence that we're here to help you and your clients get your deals settled. We are only shut down for those mandatory dates.
Alright, a couple of quick things to keep in mind:
1. 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 that the shutdown dates will apply. If we are representing you in an off-the-plan contract, we will still be working to make sure your deals settle.
2. If your REIQ contract is on a current edition after February '22, there is the option for either party to extend 5 business days without penalty - which is clause 6.2. This might be useful if you or your bank need more time to settle over the Christmas break and are approaching a deadline that you cannot meet.
3. The Cooling-off period will continue to run on contracts signed between 27th of December and the 31st of December 2023 (not considered a Statutory "Public Holiday" - so buyer beware!
If you have questions during our shutdown period, the Queensland Law Society will be your best point of contact for assistance.
4. Watch out for our cool Christmas email signatures, which are now live, coming to an email inbox near you.
5. There is no higher public reviewed property law firm in the State with a 5 star client satisfaction average. Google us and you will see over 1,700 five-star reviews. We're here to look after our clients and work with real estate agents bankers & brokers to get a smooth transaction every single time.
Any questions get in touch - email, DM, phone call - whatever you like.
If you need help - get in touch with us. Please like and subscribe our YouTube and our Instagram.
Thanks guys We're nearly there the Christmas rushes amongst us.
Chat soon.
If you have any questions, you can email me: george@empirelegal.com.au.
If this has added value, please share this blog / the YouTube video with a friend.
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, Gold Coast, 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.