How to calculate due dates in residential contracts in Queensland
Contracts for the sale of property in Queensland usually involve a number of critical milestone dates. The most obvious one is the settlement date, but there may also be due dates for deposits, finance conditions, building and pest conditions, and other special conditions depending on the contract.
It can be difficult to figure out exactly when a milestone date has arrived, especially if it falls on a public holiday or a weekend. It is important these dates are calculated correctly, because missing a critical date may give the other party the right to terminate the contract.
Fortunately, there are a few simple rules to assist you in working out when a milestone is due under the standard REIQ contract;
The due date will automatically move to the next day if it falls on a public holiday or weekend. For example, if your building and pest condition is due fourteen days from the contract, and that date happens to be a Sunday, the condition will be due on Monday.
When calculating the number of days from the contract date, do not count the contract date itself. For example, if the contract was signed on a Thursday, count from Friday.
If something has to be done a certain number of days before a specific date, that date is not included in the calculation. For example, if settlement date is Thursday, two days before settlement date is Tuesday.
At Keylaw, we calculate and manage all the milestone dates in your contract for you as part of our fixed-fee service. If you have any questions about calculating due dates in residential contracts, or any other aspect of conveyancing law in Queensland, our experienced conveyancing solicitors are happy to assist – call us today!
The above is not legal advice and is general information only.
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