The ‘Place for Settlement’

The ‘Place for Settlement’

Since the increase in the popularity of the PEXA platform, and particularly since the mandated use of electronic workspaces for most transactions in Queensland, we are often seeing the place for settlement in the standard contract left blank or completed only with the word ‘PEXA’ or similar. 

This can be problematic as the place for settlement is relevant to the definition of ‘Business Day’, particularly in respect of a public holiday in the ‘Place for Settlement’. 

Although the majority of public holidays are statewide, special public holidays for certain cities, towns or business districts exist (often reflecting agricultural shows or exhibitions for the area). If left blank, the ‘Place for Settlement’ is taken to be the Brisbane CBD, meaning public holidays applicable to the Brisbane CBD would apply. 

In choosing the place for settlement, one should consider the logistical issues at play. Buyers for example may be required to physically attend at a bank branch to transfer funds, which may be closed due to a public holiday in their area.

Are you looking to sell your home in Queensland or Victoria? If so, don’t hesitate to reach out. Ownit provides seamless and stress free conveyancing to buyers and sellers!

Settle it, anywhere, anytime with Ownit