PROPERTY LAW ACT 1974 - SECT 71 Definitions for div 4
PROPERTY LAW ACT 1974 - SECT 71
Definitions for div 471 Definitions for div 4
In this division—
"deposit" means a sum—
(a) not exceeding the prescribed percentage of the purchase price payable under an instalment contract; and
(b) paid or payable in 1 or more amounts; and
(c) liable to be forfeited and retained by the vendor in the event of a breach of contract by the purchaser.
"instalment contract" means an executory contract for the sale of land in terms of which the purchaser is bound to make a payment or payments (other than a deposit) without becoming entitled to receive a conveyance in exchange for the payment or payments.
"mortgage" includes any encumbrance or charge other than a charge attaching by the operation of any statutory enactment.
"prescribed percentage" means—
(a) for a contract for the sale of a proposed lot—20%; or
(b) otherwise—10%.
"proposed lot" means—
(a) a proposed lot within the meaning of the Land Sales Act 1984; or
(b) a proposed lot within the meaning of the Body Corporate and Community Management Act 1997; or
(c) land that will be shown as a lot on a building units plan or group titles plan registered under the Building Units and Group Titles Act 1980; orNote—There is limited scope for the registration of new building units plans and group titles plans under the Building Units and Group Titles Act 1980—see section 5A of that Act.
(d) a proposed lot within the meaning of the South Bank Corporation Act 1989, section 97B .
"purchaser" includes any person from time to time deriving an interest under an instalment contract from the original purchaser under the contract.
"sale" includes an agreement for sale and an enforceable option for sale.
"vendor" includes any person to whom the rights of a vendor under an instalment contract have been assigned.