Property Occupations Act 2014

This division applies if—

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

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

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.

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

In this section—prescribed guarantee means a written guarantee—

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

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).