Q. I am preparing a Contract with a settlement date of 31 December 2010, are all the necessary businesses open to finalise the transaction?
A. No, the Christmas Period can cause major issues due to office closures of vital components of the settlement process. Whilst the majority of financial institutions are open, they are generally operating on skeleton staff which can lead to settlement delays during the Christmas Period. It should also be noted that the Titles Office is closed from Christmas Eve to 4 January 2011, which means any lodgements during this period cannot be processed. In addition to the Banks and Titles Office, a large number of Law Firms usually close from Christmas Eve until early January which can also cause issues in obtaining instructions for any conditions that fall during this period.
Whilst our office will be open and operating during this period, we suggest that your Contracts Administrator calculates the settlement date prior to Contracts being signed to ensure that they are prepared with a settlement date that falls either before Christmas or after the New Year to minimise delays and possible terminations during the festive season.
Learn more about the conveyancing contract delays, contact Ownit Conveyancing today.