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Court orders Repayment of Deposit as the impossibility of the buyer to finance the sale is a ‘valid reason at law’ not to appear on final deed

Authors: Julienne Bencini
Published on July 17, 2015
Tags: ,
Practices: Litigation, Arbitration & ADR
The Court of Appeal presided by His Honour Chief Justice Silvio Camilleri, Judge Tonio Mallia and Judge Joseph Azzopardi on May 29, 2015 in the case “Gerit Company Limited vs A.M. Developments Limited et” held that when a deposit is paid ‘on account of the price’ in a promise of sale agreement, the failure of the signatories to carry out the final deed of sale may be justified by a valid reason at law.