Form 1 - Vendors Statement
Selling your home yourself or through an agent? A form 1 must be served on a purchaser informing them on any particulars that affect the property. We can help you fulfill this requirement.
The form 1 also known referred to as a Vendors Statement, is a very important document in a property transaction.
It provides the Purchaser with important information about the property with information coming both from government departments and the Vendor to complete the information. It is a legal requirement for a Vendor to serve this notice according to Section 7 of the Land and Business (Sale and Conveyancing) Act 1994 (SA)
This document allows the Purchaser to make an informed decision if they wish to proceed with the purchase. It also instigates cooling off to run for individuals which is 2 clear business days from the serving of the notice on the Purchaser. Thus an individual can terminate a contract under the cooling off period by providing the right notice which we can also assist with. Please be aware however companies do not get cooling off rights.
The Form 1 comprises:
- 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
- Parts detailing particulars in relation to prescribed matters affecting the property
The Form 1 can be prepared by the land agent selling a property or this task may be outsourced to a conveyancer.