When a property is being sold, the vendor is responsible under current Government Legislation for serving a Form 1 Vendor’s Disclosure Statement on the purchaser so that they are fully informed of the history of the property. The purpose of the Form 1 document is to make the purchaser aware of any particulars with the land and provides the cooling off rights to the property being sold.
It is required under section 7 of the Land and Business (Sale and Conveyancing) Act 1994. The Form 1 comprises of the details of the parties to the land and the transaction, the purchaser’s cooling off rights, a statement by or on behalf of the vendor and a certification by or on behalf of the agent as to the particulars contained in the document. The body of the Form 1 is a table containing all the details about any mortgages, charges, encumbrances and other prescribed matters that affect the property and title.
If you are selling your house anywhere in South Australia, or are a real estate agent needing a Form 1 prepared for your vendor, Form1 Adelaide Pty Ltd, can order all necessary government prescribed searches and prepare the Form 1 on your behalf . We specialise in Form 1 preparation having been established since 2012. Form1 Adelaide Pty Ltd have a fixed fee for preparation and if you use our registered Adelaide conveyancer to finalise your settlement, you may not need to pay for the Form 1 preparation and searches until settlement. Call Form1 Adelaide today on 8278 8322