(Emphasis is not in the original - P.G.) .
...
(2) has insured himself with an insurer who has approved for this purpose by the Commissioner of the Capital Market, to ensure the return of all the monies paid to him by the buyer on account of the price, except for the VAT component, as defined in section 3c1, which is included in these funds, if the circumstances as stated in paragraph (1) are met, and the buyer is listed as the beneficiary according to the insurance policy and the insurance premiums have been paid in advance; The Minister of Finance may determine the wording of the insurance policy in this regard."
- In principle, the ruling The Veteran states that a restrictive approach should be taken with regard to the forfeiture of sales law guarantees.
This was on the grounds that this collateral was intended to ensure the delivery of the apartment, even if it was late.
See:
Civil Appeal 8343/01 Prof. Yardena and Dr. Leon Ovadia et al. v. Sibel Nahariya Ltd. (June 24,2024) in a panel of the Honorable Justices Turkel, Rivlin and Hayut (hereinafter: "the Ovadia case").
Miscellaneous Motions Civil (Tel Aviv) 12753/09 Bankruptcy 1053/01 Adv. Moshe Shahal v. Tzibin (September 24,2009), by the Honorable Vice President, Judge Alsheikh;
Bankruptcy (Tel Aviv) 1053/01 Adv. Adi Cohen Receiver v. Shali et al . (November 29,2004) by the Honorable Judge Alsheikh (as described at the time);
Miscellaneous Applications Civil (Tel Aviv) 14070-04 Bankruptcy 1159/04 Shalhevet Kamir et al. v. A.Z. Baranovitz & Sons (1985) Ltd. (stay of proceedings) (January 6,2005) by the Honorable Justice Keret-Meir;
In accordance with the case law This, inter alia, in light of the Supreme Court's decision in the Ovadia case, in order to realize the guarantees The Sale Law, the purchaser must prove three cumulative conditions:
- The seller's inability to transfer to the buyer ownership or other right in the apartment as agreed upon in the sale contract.
- The existence of a circumstance from the enumerated circumstances In section 2(1) to the Apartment Sale Law.
III. The existence of a causal connection between the first condition and the second condition. In other words, the breach of the contractual obligation stems from the circumstances listed In section 2(1) to the Apartment Sale Law.
- I will note that the new rulings also rested on the foundations of this old ruling, and see for example Insolvency (Tel Aviv) 11530-11-25 BLD 4.U Yefet 199 Ltd."M. v. Insolvency Commissioner of the District of T"a. The decision of the Honorable Judge Sigal Yaacobi of May 13,2026.
- On the other hand, I will say that in the existing case law, a new voice has also been heard that examines the status of purchasers who have reached the limit of their ability and who wish to exhaust their rights.
In other words, to realize the guarantees of the Sale Law in their possession and to exit a project that takes longer than expected.