27Release of deposit moneys in certain circumstances

27 Release of deposit moneys in certain circumstances

S. 27(1) amended by Nos 35/1996 s. 453(Sch. 1 item 73.7), 75/2006 s. 192(Sch. 2 item 5.8).

(1) Where a legal practitioner, conveyancer or estate agent is holding deposit moneys as a stakeholder under section 24, the purchaser may by authorization in writing empower the legal practitioner, conveyancer or estate agent (as the case may be) to release those deposit moneys to the vendor in his own right or as the vendor directs.

(2) Subsection (1) shall only operate—

(a) where the contract is not subject to any condition enuring for the benefit of the purchaser; and

(b) where the purchaser has accepted title or may be deemed to have accepted title.

S. 27(3) amended by No. 42/1989 s. 4(b).

(3) An authorization in writing shall not be effective unless and until the vendor has given the purchaser a notice in writing setting out—

S. 27(3)(a) substituted by No. 42/1989 s. 4(b).

(a) if there is a mortgage over the land which is the subject of the transaction, the particulars specified in Schedule 1; and

S. 27(3)(b) repealed by No. 42/1989 s. 4(b).

S. 27(3)(c) amended by No. 42/1989 s. 4(c).

(c) particulars of any caveat lodged under the Transfer of Land Act 1958 in respect of the land which is the subject of the transaction—

and the purchaser has given notice under subsection (4) that he is satisfied with those particulars.

(4) Where the purchaser is satisfied—

(a) that the particulars provided under paragraphs (a) and (c) of subsection (3) are accurate; and

S. 27(4)(b) amended by No. 48/1991 s. 56(3).

(b) that the particulars provided under paragraph (a) of subsection (3) indicate that the purchase price is sufficient to discharge all mortgages over the property—

he shall give the vendor notice in writing to that effect within 28 days of receiving the particulars.

(5) A notice in writing under subsection (4) stating that the purchaser is satisfied with the particulars shall be deemed to be the authorization required by subsections (1) (2) and (3).

(6) Where the purchaser is not satisfied with the particulars he shall within 28 days of receiving them give notice in writing stating that he is not satisfied with the particulars and giving the reasons why he is not satisfied.

(7) Where the purchaser fails to give a notice under either subsection (4) or (6) within the time limited by the subsection he shall—

(a) be deemed to be satisfied with the particulars provided; and