Preliminary deposit definition
Preliminary deposit means an initial payment (not being a payment, or part payment, for an option, other than an option referred to in the definition of "instalment contract" in this section) by a person in connection with the proposed purchase of a lot in a subdivision made to a person, or the agent of a person, who has offered, or held himself out as being willing, to sell, or has advertised for sale, such lot, where the payment is made before there is a contract between such persons for the sale and purchase of such land.
Preliminary deposit means an amount of deposit calculated in accordance with the regulations;