Singapore legislation
Regulation 10
Regulation 10
Option
Subregulation 1
Except where the prior approval in writing of the Controller is obtained, a housing developer shall give to an intending purchaser of a unit in a housing project an option for the purchase which shall be in Form 2 in the First Schedule.
Subregulation 1A
The option for the purchase of a unit in a housing project shall be granted to the intending purchaser upon acceptance by the housing developer of the booking fee for the unit.
Subregulation 2
The option granted by the housing developer shall not be assignable or transferable.
Subregulation 3
No amendment, deletion or alteration to the option referred to in paragraph (1) shall be made —
except with the approval of the Controller in writing; or
unless such amendment, deletion or alteration is permitted under Form 2 in the First Schedule.
Subregulation 4
The housing developer shall, before accepting a booking fee from an intending purchaser for an option to purchase a unit in a housing project —
provide the intending purchaser with the particulars, documents and information relating to the unit and the housing project as described in, and in accordance with the requirements of, Form 3 in the First Schedule; (aa)provide the intending purchaser with a notice of the documents and information that the housing developer must obtain to perform the customer due diligence measures required by section 12B of the Act, in the form that the Controller specifies on the Internet website at https://go.gov.sg/ura-amltf; and
obtain written acknowledgment from the intending purchaser that the housing developer has complied with the requirements of sub-paragraphs (a) and (aa).
Subregulation 5
Where a unit in a housing project is intended to comprise a lot in a strata title plan, the housing developer shall, before accepting a booking fee from an intending purchaser for an option to purchase that unit —
notify the intending purchaser that the following documents are available for his inspection:
a copy of the schedule of strata units or amended schedule of strata units for that housing project as filed with and accepted by the Commissioner of Buildings;
where any common property of the housing project is designated as limited common property, a plan or description of the limited common property and the units in the housing project the purchasers of which will be entitled to the exclusive benefit of the limited common property; (b)make available such documents for inspection by that intending purchaser; and
obtain written acknowledgment from the intending purchaser that the requirements of sub-paragraphs (a) and (b) have been complied with.