2Definitions

2 Definitions

2 Definitions

In this Part, unless the context or subject matter otherwise indicates or requires—

Instalment contract means a contract, entered into after the commencement of this Part, for the sale of a lot in a subdivision comprising five or more lots where such contract provides for the purchase money to be paid by four or more part payments (whether by way of preliminary or other deposit or otherwise) and any option to purchase such a lot under which all or part of the consideration for the granting of such option (whether or not such consideration is to be applied to the purchase price) is payable by four or more part payments as aforesaid, but does not include—

(a) a contract effecting a sale without resubdivision by a vendor who acquired less than five lots in a subdivision, or

(b) a contract for the sale of a lot, or a leasehold interest in a lot, within the meaning of the Strata Schemes Development Act 2015.

Licensed conveyancer means the holder of a licence in force under the Conveyancers Licensing Act 1992.

Preliminary deposit means an initial payment (not being a payment, or part payment, for an option, other than an option referred to in the definition of instalment contract in this section) by a person in connection with the proposed purchase of a lot in a subdivision made to a person, or the agent of a person, who has offered, or held himself or herself out as being willing, to sell, or has advertised for sale, such lot, where the payment is made before there is a contract between such persons for the sale and purchase of such land.

Primary application means an application to the Registrar-General to bring land under the provisions of the Real Property Act 1900.

Purchaser includes a person (not being a person acting in the capacity of an agent for a vendor) by whom or on whose behalf a preliminary deposit is paid to a vendor.

Sell includes offer to sell, hold oneself out as being willing to sell, and advertise for sale.

Subdivision has the meaning given to subdivision of land by section 4B of the Environmental Planning and Assessment Act 1979.

s 2: Am 1978 No 2, Sch 1 (6); 1986 No 220, Sch 1; 1992 No 55, Sch 2; 1996 No 139, Sch 2.19 [1] [2] (am 1997 No 55, Sch 2.18 [1] [2]); 1997 No 152, Sch 4.19 [1]; 2015 No 51, Sch 9.11.