Savings and transitional provisions
4.—(1)  An option which has been granted by a developer prior to 15th November 1997 to any person for the purchase of any housing accommodation in any executive condominium scheme shall continue to be in force as if the Executive Condominium Housing Scheme (Amendment) Regulations 1997 (G.N. No. S 491/97) had not been made until the option has lapsed or has been exercised by the intending purchaser.
(2)  Where a purchaser of any housing accommodation in an executive condominium scheme under an agreement made before 15th November 1997 assigns on or after that date all his right, title or interest under that agreement, the new agreement with the assignee for the sale and purchase of that housing accommodation shall be in the new form prescribed by the Executive Condominium Housing Scheme (Amendment) Regulations 1997.
(3)  Nothing in the Executive Condominium Housing Scheme (Amendment) Regulations 1997 shall require the Singapore Academy of Law established under the Singapore Academy of Law Act (Cap. 294A) to act as stakeholder under any agreement for the sale and purchase of any housing accommodation in an executive condominium scheme if it was made before 15th November 1997.