Housing Developers Option

Option
10. —(1) 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 B in the Schedule.

(2) The option granted by the housing developer shall not be assignable or transferable.

(3) No amendment, deletion or alteration to the option referred to in paragraph (1) shall be made except with the approval in writing of the Controller.

(4) Where the number of parking spaces to be provided in a housing project is less than the number of units in the housing project, the housing developer shall, before accepting a booking fee from an intending purchaser for an option to purchase a unit in that housing project —

(a) notify the intending purchaser that information on the number of parking spaces and units in that housing project is available for his inspection at a specified place and during specified hours free of charge; and

(b) make available such information for inspection at the specified place and during the specified hours if so requested by that intending purchaser.

(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 —

(a) notify the intending purchaser that the following documents are available for his inspection at a specified place and during specified hours free of charge:

(i) 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;

(ii) 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; and

(b) make available such documents for inspection at the specified place and during the specified hours if so requested by that intending purchaser.

Validity of option
11. —(1) Where a housing developer has granted to a person an option to purchase a unit in a housing project, he shall not grant to any other person an option to purchase the same unit until after the first-mentioned option has lapsed.

(2) An option granted by a housing developer to any person to purchase a unit in a housing project shall remain in force for 3 weeks from the date of delivery to the option holder's solicitors of the title deeds or copies thereof and the draft agreement for the sale and purchase of the unit.

FORM B

Rule 10 (1)

OPTION TO PURCHASE

Option date: __________________

Developer: _________________________________________________________of Housing Developer’s Licence No.: ____________ (in this Option called “We” or “Us”)

Intending Purchaser : ________________________ (I/C NO: _________________)

:________________________ (I/C NO:_________________)

(in this Option called “You”)

Property: *Detached /Semi-detached /Terrace / ShopHous e /Flat /Premises

(_____________type) on _____ storey * marked on the sale brochure as *Plot/Flat

No. ________ to be erected on Government Resurvey Lot No. ________ of

Town Subdivision / Mukim____________ Singapore

Address of Property : __________________________________________________

Tenure: *Fee Simple (freehold)/Statutory Land Grant/Leasehold of ___________years.

Expiry date of Option: This Option will expire 3 weeks after the date of the delivery to

You or, if You have already appointed a solicitor, to your

solicitors of the documents referred to in clause 2.

#Housing Project: The housing project known as _________, of which the Property

forms part, and which is *built/being built/to be built on

Government Resurvey Lot No. ____ of *Town Subdivision

/Mukim _____ Singapore

#Number of units in the Housing Project: __________________

#Number of parking spaces in the Housing Project: __________

Purchase Price: ______________________________________________________

Booking f ee: ( _________ % of Purchase Price) by way of Cheque/Cashiers Order No.

__________ crossed “Account Payee only” and drawn in favour of

Project Account No. ___________with

(name of bank or finance company)

Date of Approval of : ___________________________

Building Plans: _______________________________

No. of Building Plans Approved by Commissioner of Building Control: BP No. __________

Delete whichever is inapplicable.
# Applicable if the number of parking spaces is less than the number of units in the Housing Project.

Option Date : _____________

1. Option to Purchase
In consideration of the booking fee of $_____________ paid by way of Cheque / Cashiers Order No. ______ drawn in favour of Project Account No. ______ which we have received from You, We grant You the option of purchasing the Property at the Purchase Price of $__________________.

2. Obligations of Developer
2.1 We will make available for your review or, if You already have appointed a solicitor, your solicitor’s review by not later than _______ [14 days from the Option date]

(a) the original or copies of the title deeds of the Property; and

(b) the Sale and Purchase Agreement in duplicate.

2.2 The Sale and Purchase Agreement will be in the form prescribed by the Housing Developers Rules (Cap. 130, R 1).

3. Expiry of Option
This Option will expire 3 weeks after the date of the delivery to You or, if You have already appointed a solicitor, to your solicitors of the documents referred to in clause 2.

4. Exercise of Option
4.1 To exercise this Option, You must do all of the following before this Option expires:

(a) sign both copies of the draft Sale and Purchase Agreement;

(b) return them to Us; and

4.2 If You exercise this Option in the manner set out in clause 4.1, We will, within 14 days after We receive the Sale and Purchase Agreements from You, countersign the Agreements and return one signed copy of the Agreement to You.

5. Non-exercise of Option
If You do not exercise this Option before it expires —

(a) We will refund to You 75% of the booking fee; and

(b) upon such refund, You will return the title deeds to the Property together with the Sale and Purchase Agreements delivered to You earlier.

6. Assignment
6.1 You are not allowed to assign or transfer this Option.

6.2 This Option is personal to You and We shall not be obliged or required to convey or transfer the Property to anyone (whether or not he is your nominee) other than You.

7. Conditions of sale
The Property is sold subject to the terms and conditions in the draft Sale and Purchase Agreement, including all modifications to such terms and conditions which have been approved by the Controller of Housing.

8. Expected date of Completion
The expected date of delivery of vacant possession of the Property shall be no later than _________ and the expected date of completion of the sale and purchase of the Property shall be no later than _____.

*9. Information for Intending Purchaser of Strata Unit
9.1 The share value allotted to the Property is ______. Your share of maintenance charges for the common property of the Housing Project will be in the proportion (indicate share value of Property against total share value of Housing Project).

*9.2 Your purchase of the Property also entitles you to the exclusive benefit of limited common property. Your share of contribution to expenses relating solely to the limited common property will be (indicate share value of Property against total share value of units entitled to the exclusive benefit of that limited common property).

(*Delete whichever is inapplicable)

Signed by _____________________________

for the Developer


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