Sale of Commercial Properties Act |
Sale of Commercial Properties Rules |
R 1 |
G.N. No. S 4/1985 |
REVISED EDITION 1990 |
(25th March 1992) |
[4th January 1985] |
Citation |
1. These Rules may be cited as the Sale of Commercial Properties Rules. |
Definition |
No payment exceeding 10% |
3. A developer of commercial properties shall not require a prospective purchaser to pay for an option or the right to purchase any commercial property a booking fee, or make any other payment by whatever name it is called, exceeding 10% of the purchase price of the property. |
Developer to maintain register |
4.—(1) A developer of commercial properties shall maintain a register as shown in Form A in the Schedule showing the particulars of those persons who have obtained options for the purchase of his commercial properties.
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Option Form and Notice Form |
5.—(1) An option for the purchase of a commercial property given by the developer of the commercial property to a prospective purchaser shall be in Form B in the Schedule.
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Exclusive option |
6.—(1) Where a developer has granted a person an option to purchase any commercial property, he shall not grant to any other person an option to purchase the same property until after the first-mentioned option granted by him has lapsed.
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Sale and purchase agreement |
7.—(1) An agreement made between a developer and a purchaser for the sale and purchase of any commercial property to which the Act applies shall be in Form D in the Schedule.
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Development plan |
8. The developer of a commercial property shall attach a plan of the commercial property sold by him to the agreement for the sale and purchase of the property and the plan shall contain such particulars as are sufficient to enable the purchaser to lodge a caveat against the land on which the commercial property is being erected. |
Assignment |
9.—(1) Where the purchaser of a commercial property intends to assign or has assigned all his right, title and interest under an agreement for the sale and purchase of the commercial property made between him and a developer, the developer shall, within two weeks of service on him of a request for a new agreement to be entered into between the assignee and the developer and —
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Penalty |
10. Any person who refuses or fails to comply with or acts in contravention of any of the provisions of these Rules shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 6 months or to both. |
Savings and transitional provisions |
11.—(1) An option which has been granted by a developer prior to the 4th January 1985 to any person for the purchase of a commercial property shall continue to be in force until it has lapsed or has been exercised by the intending purchaser as if these Rules had not been made.
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