Queensland Property Law Act 2023 78-82: Settlement day rules: next business day, inoperative registry or settlement entity computers, adverse events, payment directions

What does 78-82 require?

If the contract names a settlement day that is not a business day, settlement is on the next business day (section 78). Where the land registry's computers, or those of a bank or other entity needed to settle, are inoperative on the settlement day, or an adverse event (such as a natural disaster or declared emergency) prevents settlement, the day of settlement is extended as sections 79 to 81 provide and neither party is in default for that reason. A direction for payment of the purchase price given by the seller's authorised agent is a sufficient direction (section 82).