Page 21 - Best Of Local Mag May 2023 Edition

The Right to Extend Settlement in Queensland

‘5 Day Extension Clause’

Purchasing property can be a stressful the Settlement Date, extend the Settlement extension. Even if banks are not involved,
endeavour, even for the experienced Date by giving a notice under this clause the right to extend settlement remains and
investor. Being ready to settle on the nominating a new date for settlement which ultimately, this right can be exercised for
settlement date is perhaps the most stressful must be no later than 5 Business Days after the any reason.
aspect of the conveyancing process, as Scheduled Settlement Date.”
there can be severe consequences for Before signing a contract of sale, it is crucial
failing to do so. This stress is only intensified In effect, this clause indicates that either that you are fully informed regarding
when settlement is unable to be completed party may give notice to the other until the potential for settlement extensions
due to issues which you cannot control. 4pm on the settlement date advising that and general terms of the contract. Our
they wish to extend settlement by up to 5 experienced conveyancing team are able to
In response to this issue, Queensland business days. Notice of the extension can review any documents before signing and
conveyancing contracts have seen be given at any time until settlement is provide assistance at every step throughout
numerous amendments to standard completed. Moreover, settlement may be the conveyancing process.
contractual terms. Most notably, the extended multiple times as long as the new
introduction of a clause that gives both settlement date does not extend beyond 5 If you are buying or selling residential
parties the right to an extension to the date business days from the original settlement property, please don’t hesitate to contact us.
of settlement. date. As Registered PEXA members, our property
and conveyancing team will guide you
Clause 6.2(1) states that: Through the phrasing of this clause, either through the conveyancing process whilst
party is given the right to extend settlement delivering the very best service.
“Either party may, at any time up to 4pm on without needing to provide reason for such

Jackson Stuczyk is a Law Student and Paralegal at Zande Law Solicitors, Suite 9, Norwinn Centre,
15 Discovery Drive, North Lakes.

The information in this article is merely a guide and is not a full explanation of the law. This
firm cannot take responsibility for any action readers take based on this information. When
making decisions that could affect your legal rights, please contact us for professional advice.

SKIN CANCER -WHAT IS IT?
PRP Therapy
Skin cancer is an abnormal growth of a cell type in
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May 2023 www.bestoflocal.com.au 21