(1) For the purposes of this Act a contract is a terms contract if it is an executory contract for the sale and purchase of any land under which the purchaser is—
(a) obliged to make 2 or more payments (other than a deposit or final payment) to the vendor after the execution of the contract and before the purchaser is entitled to a conveyance or transfer of the land; or
S. 29A(1)(b) amended by No. 12/2015 s. 7(1).
(b) entitled to possession of the land or to the receipt of rents and profits before the purchaser becomes entitled to a conveyance or transfer of the land.
S. 29A(1A) inserted by No. 12/2015 s. 7(2).
(1A) A payment made by a purchaser under a contract for the sale of land following a default by the purchaser or agreed to by the purchaser and vendor in anticipation of a default by the purchaser does not count as a payment for the purpose of subsection (1)(a).
(2) In subsection (1)—
S. 29A(2) def. of deposit substituted by No. 12/2015 s. 7(3).
"deposit" means any part of the purchase price that the contract (including the contract as varied by written agreement between the parties after initial execution) specifies as being a deposit and provides must be paid, whether by one or more payments, within a specified period, not exceeding 60 days, after the execution of the contract;
"final payment" means a payment on the making of which the purchaser becomes entitled to a conveyance or transfer of the land.
Subdivision 2—Certain terms contracts prohibited
S. 29B inserted by No. 6/2008 s. 33.