5. Application of this Part

This Part shall apply to any sale of a parcel by a developer on or after the commencement of this Act.

For the purpose of this Part, a developer shall be deemed to have sold a parcel or proposed parcel in a development area if by an agreement in writing or by any deed or instrument, conditional or otherwise, the developer has agreed to sell, convey, transfer, assign or otherwise dispose of its interest in the parcel or proposed parcel to another person for valuable consideration or otherwise.