My solicitor has received contracts to settle on christmas eve. Settlement is 2 weeks, which makes settlement the 7th of January. As this period includes 3 public holidays, do I have the legal right to settle 3 days later to account for the public holidays ?.
Also what are my rights as far as extending the settlement period?.
Thanks in advance for any idea's
I think you have the right. Business days is what it is counted by.
What are your rights as far as extending the settlement period? In the contracts I have been in the settlement has been set but because of circumstances changing have been a floating thing. Though one was for a DA approval time extension and another because of a title measurement error on title which has and is now a floating settlement date as we don't know how long it's going to take to find the neighbors to sign off on it. they can't find them. It's working in my favor a.t.m.
Best thing to do is ask. Seek an extension. Either ask the agent about it or your conveyancer or solicitor can send a letter requesting an extension. Your paying your solicitor or conveyancer…go down and see them. I've been to my conveyancer at least 15 times, i'm paying him $1000 and I get my moneys worth.
The contract will set out whether "days" means just days or whether it means business days.
If it is just "days" and you are not able to settle in that time, a reasonable vendor would allow an extension of time without penalty because of the Christmas period. Even if the vendor doesn't allow an extension, if you aren't able to settle on that date the vendor must first serve you with a notice of default and then give you a certain number of days to rectify the default, that is, settle on the property. The number of days you have to remedy the default varies in each state but will be set out in the standard contract.
As jaffasoft said, ask your conveyancer. This is a pretty straightforward question and your conveyancer will know the answer.
Cheers
k
The contracts should have a specific date for settlement not just 14 days and if 14 days should state if business days. This does get a bit tricky as business days is seen as M-F but recently is including Saturday.
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