What is a Form 1
A Form 1 is a formal disclosure statement made by the Vendor outlining particular details relating to the property. A Form 1 must be served on a purchaser pursuant to section 7 of the Land and Business (Sale and Conveyancing) Act 1994. Once you are served with a Form 1 you have 2 clear business days to cool off.
A Form 1 comprises of the following:
- An introductory statement setting out the purpose of the form;
- Details of the parties and the land;
- Details of cooling-off rights;
- A statement by/on behalf of the vendor;
- A certificate by/on behalf of the agent verifying the particulars in relation to the land appearing in the statement;
- A table of particulars in relation to mortgages, charges and prescribed encumbrances affecting the property; and
- Parts detailing particulars in relation to prescribed matters affecting the property.
When reviewing a Form 1, it is important to review issues relating to easements, restrictive covenants, leases, particulars of transactions in the last 12 months and heritage matters.
If you are interested in purchasing property, it is important to seek legal during your cooling off period to ensure you understand the particulars relating to the property.
Our staff at Bambrick legal are qualified in all aspects of conveyancing, including the preparation of Form 1 disclosure statements and can provide legal advice to prospective purchasers.
If you would like assistance in preparation of a Form 1 for a private sale or advice regarding a Form 1 that has been served on you, please contact one of our friendly staff at Bambrick Legal today:
- Call us on 08 8362 5269
- Email [email protected]
- Fill in our enquiry form here
- Visit our office at Suite 12, 15 Fullarton Road, Kent Town SA 5067
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