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Yes, weekends are included in the 30-day settlement period. In most cases, the 30 days are calculated as calendar days, not business days. This means that weekends and public holidays are counted in the total.
When purchasing or selling property, understanding the timeline for settlement is crucial. Here are other things you need to know.
What Is a 30-Day Settlement?
A 30-day settlement refers to the period between the signing of the contract of sale and the transfer of ownership. During this time, both the buyer and the seller complete their respective legal and financial obligations.
What Happens if the Settlement Date Falls on a Weekend or Public Holiday?
If the settlement date falls on a weekend or public holiday, it is typically postponed to the next business day. This adjustment ensures that banks, conveyancers, and other parties involved can finalise the transaction.
Why Is This Important?
Understanding whether weekends are included helps you plan for the settlement. If you’re a buyer, ensure your finances are ready, and if you’re a seller, prepare to vacate the property within the timeframe.
Can You Negotiate a Different Settlement Period?
Yes, settlement periods can be negotiated between the buyer and the seller. While 30 days is standard, it’s not uncommon to see periods of 45 or 60 days. Flexibility might depend on the circumstances of both parties.
Key Tips for a Smooth Settlement Process
- Communicate Clearly: Work closely with your solicitor or conveyancer to avoid delays.
- Plan for Delays: Factor in the possibility of extensions or unforeseen issues.
- Prepare Finances Early: Ensure your mortgage and other financial arrangements are finalised.
A 30-day settlement includes weekends, but the practicalities of public holidays and bank closures might shift the final date. Always consult with your conveyancer and lending advisors to navigate the settlement process confidently.
If you have questions and concerns about conveyancing, you may contact your local conveyancer at Red Door Conveyancing on 03 8456 6797.
