Buying and Selling property over Christmas can be both an exciting and challenging time with parties often wanting to settle Contracts as soon as possible.

It is important to carefully consider how this time of year impacts on the parties’ rights under the Contract.

The standard REIQ Contract provides any day between the 27th and 31st of December is not a ‘business day’.

This means no critical date or settlement can occur during this time.

Parties have time sensitive obligations, which typically include liaising with banks regarding finance and finalising Building inspections.

Failing to carefully consider business closures may result in parties losing their rights under the Contract.

In a “worst case” scenario a party may be in breach of their obligations, resulting in the Contract not settling and the exposure to a claim for damages by the innocent party.

It is very important that Buyers and Sellers obtain legal advice prior to entering into a Contract, to ensure business closures do not take the ‘Merry’ out of their Christmas.

Also, don’t forget Cyber criminals don’t observe the Christmas break so always remain vigilant about the risk of cyber fraud during the rush.