11Vendor not to accept payment of instalments until 15 per cent of purchase price paid

11 Vendor not to accept payment of instalments until 15 per cent of purchase price paid

11 Vendor not to accept payment of instalments until 15 per cent of purchase price paid

No person, other than the trustee under the trust deed relating to the subdivision in which the lot is included, shall accept any payment, other than a preliminary deposit, made by or on behalf of a purchaser of a lot under an instalment contract unless the vendor has been given a notice in writing, duly completed, in or to the effect of the Second Schedule by such trustee that fifteen per centum of the purchase price payable under the instalment contract has been paid by or on behalf of the purchaser, but nothing in this section prevents any person from accepting any such payment from such trustee.