What is a Form 1 in South Australia? A Vendor's Guide.
If you are selling a house, unit, or land in South Australia, you will frequently hear the term "Form 1."
The Form 1 (also known as the Vendor’s Statement) is a mandatory legal document required under the Land and Business (Sale and Conveyancing) Act 1994. It serves as a comprehensive disclosure statement that tells the buyer everything they need to know about the property title that isn't immediately visible during a physical inspection.
At 1836 Conveyancing, we specialise in preparing accurate, compliant Form 1 documents for vendors across Adelaide and regional South Australia, ensuring your sale proceeds smoothly..
Why is the Form 1 So Important?
The Form 1 is not just paperwork; it is a legal requirement and the trigger for the Cooling Off Period.
In South Australia, a purchaser is entitled to a "cooling off" period of two business days (unless cooling off rights are waived or purchasing at auction). However, this clock only starts ticking once the buyer has been served with a complete and accurate Form 1.
Under Section 7 of the Land and Business (Sale and Conveyancing) Act 1994 (SA) a vendor must serve a Form 1 (Vendor’s Statement) on the purchaser when selling.
A valid Form 1 must be served on the purchaser no later than 10 clear days before settlement. If the Form 1 is not served in accordance with the Act, or is inaccurate or incomplete, there are statutory consequences.
This is why "DIY" Form 1 preparation is dangerous. It is critical to have a professional conveyancer prepare this document to protect the integrity of your sale.
What is Included in a Form 1?
The Form 1 requires specific government searches to be conducted to uncover any "encumbrances" or interests affecting the land.
A standard Form 1 includes details on:
- Mortgages & Caveats: Any debts or claims currently lodged against the title.
- Easements: Rights of way or access (e.g., SA Water pipes running through the backyard or ETSA power lines).
- Zoning: Development information and regulations relevant to your local council (e.g., City of Unley, City of Charles Sturt).
- Notices: Any outstanding orders from authorities (e.g., a council order to fix a dangerous fence or clean up a block).
- Strata/Community Title: If you are selling a unit, it includes by-laws and insurance details for the corporation.
- Transactions: Any transactions in the past twelve (12) months.
The Form 1 Process: How We Help
At 1836 Conveyancing, we handle the entire process for you to remove the stress:
- Ordering Searches: We order the necessary statutory searches from the government (Land Services SA, Council, SA Water, RevenueSA).
- Preparation and verification: We compile the information into the legal Form 1 document.
- Delivery: We provide the finished and signed document to your Real Estate Agent to serve to the buyer.
Frequently Asked Questions
How long is a Form 1 valid for? Generally, the statutory searches used to populate a Form 1 are considered valid for 90 days so long as there are no changes to such searches. If your property is on the market for longer than three months, or there are changes to the searches, your Real Estate Agent must request an updated Form 1 to ensure the information is still current accurate.
Who prepares the Form 1? While the Real Estate Agent manages the marketing and sale, the Conveyancer usually prepares the Form 1.
Can I sell my house without a Form 1? No. You cannot complete a residential settlement in South Australia without providing this disclosure to the purchaser.
Need a Form 1 Prepared in Adelaide?
Don't risk your settlement with an inaccurate document. Our team at Wayville offers fixed-fee Form 1 preparation with a fast turnaround.
