A vendor who bought the property eight years ago is preparing Form 1. Which of the following does the vendor NOT need to disclose?
Correct Answer
C) The price the vendor paid when buying the property eight years ago
Form 1 requires particulars of mortgages, charges and prescribed encumbrances, and other prescribed matters such as planning controls and notices affecting the land. The vendor's own purchase price is not generally required. The exception is where the vendor acquired an interest in the land within 12 months before the contract, when s 7 requires particulars of those acquisition transactions; eight years ago is well outside that window.
Why This Is the Correct Answer
A purchase eight years ago falls outside the 12-month window in s 7 of the Land and Business (Sale and Conveyancing) Act 1994 (SA), so the vendor's past price is not a required particular. Encumbrances, planning controls and official notices are.
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