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ARTICLE · 27 JANUARY 2022

Five day extension to settlement now possible in Queensland

McCarthy Durie Lawyers
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New sale contracts give either party the ability to unilaterally extend settlement for up to 3 business days.

AustraliaReal Estate and Construction
John Warlow
John Warlow
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On 20 January 2022 the REIQ released new versions of its contracts for the sale of houses and apartments in Queensland. The new contracts contain a number of amendments. But most importantly they contain a new Clause 6.2 which gives either party the ability to unilaterally extend the Settlement Date for up to 5 business days.

This is a significant change as it will give both buyers and sellers the ability to extend the date for settlement for 5 business days if their bank is not ready to complete the contract on the due date. Previously the Settlement Date could only be extended with the agreement of both the buyer and seller.

There are, however, a couple of key points to note.

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