sec.87Definitions for division

### sec.87 Definitions for division In this division— buyer , in relation to an instalment contract, includes a person deriving an interest under the contract from the original buyer. contract , for the sale of land, includes— an agreement for the sale of land; and an option to purchase land. deposit , in relation to a contract for the sale of land, means a sum of not more than the prescribed percentage of the purchase price of the land that is payable by the buyer in 1 or more amounts, and refundable to the buyer if the seller breaches the contract or does not fulfil a contingent condition of the contract. instalment , in relation to a contract for the sale of land, does not include— an option fee relating to the land; or an amount paid by the buyer, after the contract was entered into and before settlement of the contract, in relation to any of the following— maintenance of the land; rent and outgoings relating to the land; rates and taxes relating to the land; interest on any part of the purchase price under the contract for the land; an extension of time to complete the contract. instalment contract see section 89 . option fee , relating to land, means an amount paid for the grant or exercise of an option to purchase the land. prescribed percentage , of the purchase price of land, means— if the land is a proposed lot—20%; or otherwise—10%. seller , in relation to an instalment contract, includes a person to whom the rights of the seller under the contract have been assigned with the consent under section 92 of the buyer. - (a) an agreement for the sale of land; and - (b) an option to purchase land. - (a) an option fee relating to the land; or - (b) an amount paid by the buyer, after the contract was entered into and before settlement of the contract, in relation to any of the following— (i) maintenance of the land; (ii) rent and outgoings relating to the land; (iii) rates and taxes relating to the land; (iv) interest on any part of the purchase price under the contract for the land; (v) an extension of time to complete the contract. - (i) maintenance of the land; - (ii) rent and outgoings relating to the land; - (iii) rates and taxes relating to the land; - (iv) interest on any part of the purchase price under the contract for the land; - (v) an extension of time to complete the contract. - (i) maintenance of the land; - (ii) rent and outgoings relating to the land; - (iii) rates and taxes relating to the land; - (iv) interest on any part of the purchase price under the contract for the land; - (v) an extension of time to complete the contract. - (a) if the land is a proposed lot—20%; or - (b) otherwise—10%.