RES exam question on Private Property Sale: Nadia buys a unit in a building under construction (BUC) from a licensed developer
Nadia buys a unit in a building under construction (BUC) from a licensed developer. She pays the booking fee, receives the prescribed Sale & Purchase Agreement, and payments follow the Progressive Payment Scheme. Evaluate the statements: (i) Developer sales are governed by the Housing Developers (Control & Licensing) framework with prescribed S&P terms (ii) Under the Progressive Payment Scheme, payments are made in stages tied to construction milestones (iii) The S&P typically includes a defects liability period during which the developer must rectify covered defects (iv) The booking fee is always 100% non-refundable in every circumstance Which statements are CORRECT?
- A(ii), (iii) and (iv) only
- B(i), (iii) and (iv) only
- C(i), (ii), (iii) and (iv)
- D(i), (ii) and (iii) only
Show answer & explanation
Answer
D. (i), (ii) and (iii) only
Explanation
Developer sales follow the licensing framework, progressive payments and a defects liability period.
Why the other options are wrong
- (iv) is the trap — the rules provide for partial forfeiture if a buyer does not proceed, not invariably 100%.
Study the concept behind this question: Sale of Uncompleted Private Property (New Launches)
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