28 November 2019

Holiday Season Closure Periods: Property and Real Estate

Christina Lee
Christina Lee Property Lawyer

The holiday season is just around the corner. This is a quick reminder for all those that work in the property and commercial team to review your settlement dates and extend or bring forward settlement as required.

We have reviewed all current editions of REIQ Contracts and a business day excludes weekends, public holidays and period from 27 to 31 December 2019 inclusive.[1]

Public holidays are as follows:

  • Christmas Day – Wednesday, 25 December 2019;
  • Boxing Day – Thursday, 26 December 2019; and
  • New Year’s Day – Wednesday, 1 January 2020.

This means no settlements can take place between Wednesday, 25 December to Wednesday, 1 January 2020. If the current contract has a settlement date during the excluded settlement period then it will fall on the next Business Day on Thursday, 2 January 2020.

In addition to the REIQ prescribed excluded dates, many law firms close for up to 2 weeks during the holiday period, so please ensure that you review your matters in advance and co-ordinate settlement with the other party. Please obtain instructions from your clients in advance.

The excluded dates above may not apply to off-the-plan contracts, contracts that are not REIQ contracts and contracts with special conditions that exclude these dates.

Please note that non-contract dates, such as cooling off are not affected by this definition.

Other systems affected by Christmas closure periods:

  • Due to a major system upgrade, some ATO systems will be unavailable from 6.15 pm on Tuesday, 24 December 2019 to 6 am on Thursday, 2 January 2020.[2]
  • Brisbane Titles Registry will be closed from 4 pm on Tuesday, 24 December 2019 to Wednesday, 1 January 2020.

We hope you have an enjoyable festive season and we look forward to another great year in 2020.

 


[1] Contract for House and Residential Land (16th edition), Residential Lots in a CTS (12th edition); Commercial land and building (8th edition) and Commercial lots in a CTS (7th edition).

[2] https://www.ato.gov.au/General/Online-services/System-Maintenance/

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