COVER STORY /// 11
from another party in respect of the same unit property .
An intending purchaser shall be given the full right to either exercise the option before expiry of the option period or decline to exercise option without the need to furnish any reasons whatsoever to justify his / her decision . If a purchaser decides to exercise the option , the booking fee shall be utilized to partially set-off the purchase price . If an intending purchaser decides not to exercise the option , the booking fee shall be refunded in full to the intending purchaser within 14 days from the communication of the intending purchaser ’ s decision to the developer failing which interest at the rate of 10 % per annum calculated on a daily basis over the booking fee shall be imposed and payable by the developer to the ( intending ) purchaser . No penalty shall be imposed on the intending purchasers if they decide not to exercise the option within the option period .
( No penalty shall be imposed on the intending purchasers if they decide not to exercise the option within the option period .)
There should also be a provision that the developer is not permitted to deduct any form of so called ‘ administrative fees ’ in attending to the refund and such refund must be made in full .
During the option period , all the relevant available information pertaining to the subject property including the estimated parcel / land area , the layout of the property , specification of the building , details of the common property ( for stratified developments ), Schedule of Parcel and details of the approved building plans etc . and a copy of the Sale & Purchase Agreement shall be made available to the intending purchaser to enable him / her to make an informed decision whether to exercise the option .
PROPERTY360DIGEST E-MAGAZINE ISSUE # 6