73Application of Division

73 Application of Division (1) This Division does not bind the Crown. (2) In this Division: deposit means an amount: (a) not exceeding 10% of the purchase price payable under an instalment contract; (b) paid or payable in one 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 enforceable executory contract for the sale of land under which the purchaser is bound to make a payment or payments (other than as a deposit) without becoming entitled to receive a conveyance in exchange for the contract. mortgage includes an encumbrance or charge other than a charge attaching by the operation of an Act of the Commonwealth or a State or a Territory of the Commonwealth. purchaser includes a person from time to time deriving an interest under an instalment contract from the original purchaser under the

Law of Property Act 2000 44 sale includes an agreement for sale and an enforceable option for sale. vendor includes a person to whom the rights of a vendor under an instalment contract have been assigned. (3) If a contract for the sale of land may, at the election of the purchaser, be performed in a manner which would constitute an instalment contract, the contract is presumed to be an instalment contract unless the purchaser elects to perform it in some other manner. (4) This Division applies: (a) only to instalment contracts entered into after the (b) despite any term of an instalment contract to the contrary.