Amendments to the conditions of standard Residential Contracts in Queensland mean that all Sellers and Buyers have the choice to extend the Settlement Date for up to 5 business days.
To trigger this right, the notice must be given in the approved form, in writing and issued within required timeframes.
This could mean that on the day of settlement, even up until 4pm, settlement is extended without recourse and reason.
It is important to consider how this Clause may disrupt plans with removalists and even tradespeople booked after settlement.
Even worse, the activation of this Clause may mean that linked settlements are cancelled, leaving people without a home, without compensation and in possible breach of any linked Contract.
As a result, it is vital for all parties to stay in touch with their Solicitor on the day of settlement to ensure their interests under the Contract are protected, or on the other hand, to ensure that the correct notice is given to activate the Clause in the urgent need to extend settlement.