Terms of Contract Following Settlement

Q. I am preparing a REIQ contract with conditions that fall due on 28 December 2018. Is this going to be the date the condition is due?

 

A.  No. Current REIQ contracts have exclusion dates from 27 December 2018 to 31 December 2018. These dates are not classed as business days. Any conditions that fall due on 27 December 2018 to 31 December 2018 (inclusive) automatically push out to the next business day.

 

TIP- In some cases a demand for compensation needs to be made prior to settlement otherwise the parties rights may be lost on settlement. (eg. Where there is an error or mistake regarding title, such as failing to disclose an easement in the contract)

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