When selling a house, a vendor needs to provide a document called a Form 1 to the purchaser [Land and Business (Sale and Conveyancing) Regulations 2010 (SA) Schedule 1]. When the vendor has hired a real estate agent, it is the agent’s responsibility to prepare the Form 1 and to make all the inquiries necessary to do so accurately.

Resource: Law Handbook – Legal Services Commission of SA

Inquiries of the land e.g.: mortgages, encumbrances, easements, lease agreements, tenancy agreements, all statutory searches

• Rights to lien a right to keep possession of property belonging to another person until a debt owed by that person is discharged.
• Development plans
• Emergency service funding
• Public and environmental health
• Sewerage
• Waterworks

First Paige Form 1 order all statutory searches required to complete a form 1 for you.

It is important that the Form 1 is accurate and complies with relevant legislation as there is a risk that it will be considered defective if it is not completed correctly which puts the contract at risk.

Conveyancing is the process of transferring the ownership of property from one person to another (settlement). A conveyancer is a licensed and qualified professional who can provide information and advice about the sale or purchase of property.

The purchaser’s rights to ‘cool off’ are set out in Part B of the Form 1 Land and Business (Sale and Conveyancing) Regulations 2010 Schedule 1.

The cooling off period expires at the end of the second clear business day from the day on which the Form 1 is served on the purchaser. The two business days does not include weekends or public holidays, nor the day on which the Form 1 is served.  Cooling off starts at 12 midnight the day of service and finishes 12 midnight after the two full business days.

The purchaser has the right to cancel the contract during the cooling off period by serving notice in writing to the vendor, or vendor’s agent, stating that he/ she does not wish to be bound by the contract. No reason needs to be provided. The notice can be given to the vendor or their land agent in person, or by leaving it for the land agent at their place of business. Notice can also be given by posting it to the vendor’s address via registered mail, or by emailing it to either the vendor or their agent. The time at which the notice was sent is taken to be the time at which the notice is given when determining if it was given within the two day limit.

It is very important to keep a copy of the cooling off notice and evidence that it was sent. In the event of a dispute about whether notice was given, the purchaser has the onus of proof.

This right should always be exercised if, at any time after signing the contract, the purchaser has any doubts about the purchase.

When selling a house in South Australia, a vendor needs to provide a document called a Form 1 (Section 7or Disclosure Statement) to the purchaser Land and Business (Sale and Conveyancing) Regulations 2010 (SA) Schedule.

​When the vendor has hired a real estate agent, it is the agent’s responsibility to prepare the Form 1 and to make all the inquiries (statutory searches) necessary to do so accurately.

​Even though it is the agent’s responsibility to prepare the statement, a vendor needs to ensure that they provide their agent with correct information so that the Form 1 is accurate.

It is also the responsibility of the vendor or, if they have an agent, their agent to serve the Form 1 on the purchaser. The Form 1 can be served on the purchaser personally, sent to their address by registered post or emailed. When the contract has already been signed, the Form 1 needs to be provided to the purchaser at least 10 clear days prior to the settlement date. It is advisable to get the purchaser’s signature, however it is not mandatory.

There is no cooling off period if the property is bought at auction. Care should be taken to view the Form 1 prior to the auction to ensure that there is nothing unexpected about the property.