In South Australia, what is Form 1 in the context of a residential property sale?
Correct Answer
B) The vendor's statement of prescribed particulars, served at least 10 clear days before settlement
Form 1 is the vendor's statement required by s 7 of the Land and Business (Sale and Conveyancing) Act 1994 (SA). It sets out the purchaser's rights and prescribed particulars of mortgages, charges and encumbrances and other prescribed matters, and must be served at least 10 clear days before settlement. In practice it is served before the contract is signed, because the cooling-off period runs from its service if it is served later.
Why This Is the Correct Answer
Form 1 is the vendor's statement under s 7 of the Land and Business (Sale and Conveyancing) Act 1994 (SA): prescribed particulars about the land, served on the purchaser at least 10 clear days before settlement.
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