A payment described as a 'deposit' in a contract of sale that is payable into the purchaser's own solicitor's trust account and held until settlement does not constitute a deposit in the nature of earnest money or 'deposit monies' within the meaning of ss 23 and 26 of the Sale of Land Act 1962 (Vic), because it provides no security to the vendor. Where a contract of sale and a contemporaneous deed form a single transaction, a default notice provision in the contract applies to breaches of the deed, but is not required where the breach amounts to repudiation.
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