Which best describes the 'priority period' created by OS1?

• A. It is the time allowed to obtain a mortgage approval
• B. It is the time within which registration may secure priority against other interests
• C. It is the time to pay stamp duty
• D. It is the time until completion of the sale

Answer: (B)

The main idea is that a priority period is a defined window in a property transaction during which the purchaser’s forthcoming registration can take precedence over other interests. OS1 creates this short timespan to protect the buyer: if the registration is completed within that period, the buyer’s interest takes priority over any competing interests that might arise or be registered during the same window. It’s a mechanism to bring certainty to the chain by giving the buyer a fair chance to secure their position before others can claim rights to the property. It isn’t about mortgage approval, stamp duty, or the actual completion date.