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What is a Form 1?

11 May 2021

Article by Jacqui

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A Form 1 or a Vendor’s Statement is a statutory disclosure statement that must be provided by a vendor to a purchaser of land. It’s a legal requirement in South Australia. It provides the cooling off rights and certain details relating to the property being sold.

The Vendor must legally disclose any information on the property which would negatively alter the value so that the transaction is transparent and the purchaser knows exactly what they are buying.

Did you know Smart Conveyancing and Smart Form One prepare Form 1 documents for vendors and peruse them for purchasers? Please contact us for all your Form 1 questions.

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Articles by Jacqui