Sale of Lot 917 The Lanes for $16.0 million
Under the terms of the contract the Buyer is required to pay a 20% deposit with $1,600,000 paid on
exchange of the contract and the balance due over four quarterly payments of $400,000 from 31
December 2021.
20% deposit = $3.2M
Contract exchange = $1.6m
4x quarterly payments = $1.6m
Does not add up to $16M.