Queensland Consolidated Acts

PROPERTY OCCUPATIONS ACT 2014 - SECT 161

161 Application of div 3

(1) This division applies if—

(a) the seller under a relevant contract is a property developer; and

(b) the relevant contract provides for the payment by the buyer under the relevant contract of an amount (a
"part payment" ) for the purchase of property; and

(c) the buyer is not entitled under the relevant contract to receive a registrable instrument of transfer of the property in exchange for the part payment.

Example of part payment—

a deposit payable under the relevant contract

(2) However, this division does not apply if the part payment is secured by a prescribed guarantee.

(3) In this section—

"prescribed guarantee" means a written guarantee—

(a) given by a financial institution, for the buyer, in favour of the seller; and

(b) under which the financial institution is bound to pay, on demand, to the buyer the amount of the guarantee (whether or not the guarantee secures other obligations).