26Application of deposit moneys where contract rescinded

26 Application of deposit moneys where contract rescinded

(1) Notwithstanding sections 24 and 25, where in a transaction for the sale of land—

(a) the vendor rescinds the contract as the result of a default by the purchaser, the vendor shall be immediately entitled to be paid the deposit moneys in his own right; or

(b) the purchaser rescinds the contract as the result of a default by the vendor, the purchaser shall be entitled to the immediate return of the deposit moneys.

S. 26(2) inserted by No. 9471 s. 5(b).

(2) Nothing in subsection (1) shall limit or affect the power of the court—

(a) to order the repayment of the deposit moneys (whether that order is made pursuant to section 49(2) of the Property Law Act 1958 or otherwise); or

(b) to relieve a purchaser against forfeiture of the deposit.

New s. 27 inserted by No. 9423 s. 2(2), substituted by No. 9471 s. 6.