Queensland Numbered Acts Queensland Numbered Acts(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).