Navigating property deals this holiday season? Don’t forget to watch the clock! Timeframes are crucial at this festive time of year

When dealing with property transactions over the holidays, both sellers and buyers need to understand the specific time frames and working days relevant to this period to ensure a smooth process. The standard Agreement for Sale and Purchase general terms of sale clearly outlines the “working days” for the conveyancing process:

• The last working day this year is Friday, 22nd December 2023.
• The first working day next year is Monday, 8th January 2024.
• No settlements or confirmations can take place during this period.
• If clause 9.2(2) applies, the “working day” relates to a LIM date, the first working day next year is 15th January 2024.

You will need to consider these dates and timeframes when negotiating your property transaction over this period in relation to the settlement date and the confirmation of any conditions. This is especially crucial for purchasers aiming for a tight settlement date after the holiday close-down period, as it could impact the timeframe for confirming conditions, potentially extending it past or too close to the settlement date.

If you are using KiwiSaver or any Kāinga Ora grants or loans, with KiwiSaver check with your provider the timeframes for making an application and when you will receive the funds for settlement. Note you cannot receive KiwiSaver or any Kāinga Ora grants or loans after the settlement date has passed.

Lastly, we recommend that come and see us prior to the entering into an Agreement for Sale and Purchase.