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JUDGMENT
The Plaintiffs are a couple resident in Accra whiles the Defendant is a limited liability company registered under the laws of Ghana and carrying out the business of real estate development and sale of same.
The facts of this case, in brief, are that the Plaintiffs, sometime in August, 2006 entered into an agreement with the Defendant Company for the purchase of a three (3) bedroom house at the cost of US$ 58, 179. 00. The agreement formed part of a home ownership scheme that the Defendant Company was running at Fair Havens, East Legon, its estate development site.
Per the terms of the agreement (see Exhibit A), the Plaintiffs were required to make a deposit which was equivalent to 2% of the purchase price.
The payment on installment schedule as presented in Exhibit B was for a monthly payment of US$ 237. 66 till date of final payment after which the Plaintiffs were to be put in possession of the building.
After the Plaintiffs made the initial deposit of US$ 1, 200 in August 2006, the Defendant issued them with a certificate, marked as Exhibit A of the Plaintiffs, the Commercial Investments Limited Scheme Holder’s Certificate, executed by both parties giving the Plaintiffs the house no. CIL 2/93 from the Defendant Company.
Per Exhibit B, plaintiff faithfully continued with the monthly instalment payments till May, 2013 when they stopped.
But before they stopped those payments, Plaintiffs further aver that they received a letter (Exhibit C) on 24th August, 2006, from the Defendant in respect of a promotional package they were offering by which they were counted as part of 250 premier clients due to their prompt response to the initial offer.
Thus, added benefits were bestowed on them.
The benefits included the promise that their unit would be completed by June, 2008 for their occupation, a fixed monthly repayment for 20 years or earlier(depending on their selected payment options), the omission of parts of articles G and H from the agreement as not binding or being inapplicable to the Plaintiffs among others.
Plaintiffs contend that it was based on these representations that they faithfully and diligently carried out their part of the obligations under the agreement, such that as at May 2013, they had made a total payment of US$ 53, 800 with only US$ 4, 379 outstanding as per Exhibit B in the hopes that Defendant would also fulfill its part.
However, Defendant failed to make good on their promise despite the various pleas made to them and when it