Regulation 2

An option to purchase a housing accommodation under the executive condominium housing scheme given by a developer to an intending purchaser (called in these Regulations an option) must be in Form 1 set out in the Schedule.

An option is not assignable or transferable.

An option may not be amended without the prior written approval of the Minister or a person authorised by the Minister for this purpose.

An amendment to an option made in contravention of paragraph (3) is null and void.

If an option (A) is granted to a person, the developer must not grant an option to any other person in respect of the same housing accommodation until after A has lapsed.

An option remains in force for 3 weeks after the date on which the title deeds or copies of the title deeds, and the draft agreement for the sale and purchase of the housing accommodation, are delivered to the option holder’s solicitors.