Section 3 substitutes section 96 of the principal Act and concerns the transfer of land in case of applications for the development of land for residential purposes. A planning authority, or the Board on appeal, shall require as a condition of a grant of permission that the applicant, or any other person with an interest in the land to which the application relates, enter into an agreement under this section with the planning authority, providing for the transfer to the planning authority of the ownership of such part or parts of the land which is subject to the application for permission.