Minimum settlement period is 21 days after the vendor serves notice of registration of the strata plan and a copy of the registered strata plan and any other document that was registered with that plan. Definition of “date for completion” in Mirvac contracts generally provide it is the later of: (a) 21 days after the vendor serves notice of registration of the strata plan and a copy of the registered strata plan and any other document that was registered with that plan; (b) 10 business days after the date the vendor serves a copy of an occupation certificate on the purchaser; and (c) 20 business days after the contract date.

There is no required settlement period, provided that the plan of subdivision has been registered and occupancy permit with respect to the property has been issued. The Mirvac sale contracts generally require purchasers to settle within 14 days after the happening of a particular event. Below is an example from one of Mirvac’s sale contracts: The Settlement Due Date is the date which is the later of 14 days after the date on which the Vendor’s Solicitor serves notice on the Purchaser or the Purchaser’s Solicitor: (a) that the Plan has been registered by the Registrar; (b) that an Architect’s Certificate has been issued for the Property; and (c) that a Certificate of Occupancy has been issued for the Property.

For off the plan strata and community title, the contract is taken to include a term providing that, despite any other term of the contract, settlement must not take place earlier than 14 days after the seller gives advice to the buyer that the scheme has been established or changed. For MPC product that is not community title the seller must give the buyer of the proposed lot, at least 14 days before the contract is settled: (a) A copy of the plan of survey for the lot registered under the Land Act 1994 or Land Title Act 1994; and (b) A statement prepared by a cadastral surveyor to the effect that there are no differences between the information contained in the Registered Plan and the information contained in the disclosure plan for the lot given to the buyer.

There is no required settlement period. Mirvac contracts at the earliest 5 business days and latest 13 business days after the happening of a particular event. Below is an example from one of our sale contracts for determining the Settlement Date: The Settlement Date will be the date which is the later of: (a) 13 Business Days after the Strata Plan is registered; and (b) 5 Business Days after the last to occur of the following: (i) the issue of a separate Certificate of Title for the Property; and (ii) the date on which the Seller or the Seller’s representative issues a notice that the construction of the Property has reached practical completion; or any other date agreed by the Seller and the Buyer in writing. Our Settlements team will be in constant contact as to when to expect settlement so it does not come as any surprise.