It is advised that a Purchaser appearing on a promise of sale agreement reserves the right to receive back the deposit.
An example of when such a reservation becomes useful is when an individual is buying a house but does not have the financial means to do so there and then. In such an instance it is of utmost importance to include a clause in the promise of sale agreement whereby the deposit as well as the validity of that agreement will be subject to the bank loan being issued.
Regards,
Notary Dr. Clara Farrugia Grixti
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