Under the amended s 29A of the Sale of Land Act 1962 (Vic), a 'deposit' includes any payment made to the vendor before the purchaser becomes entitled to possession, regardless of when the payment obligation arises relative to execution of the contract. A contract requiring payment of an increased deposit and a single contingent interim payment (which is either deposit or part of the final payment) is not a terms contract. The right to avoid under s 29O(2) is not available to a purchaser who is in default under the contract at the time of purported avoidance. The question whether election, waiver or estoppel can defeat a s 29O avoidance right was left open.
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