Form 1 (vendor's statement)
South Australian statutory vendor disclosure document. Sellers must serve a Form 1 on buyers, detailing material facts about the property.
Form 1 is the SA equivalent of the Section 32 statement in other states. It contains required disclosures: title information, planning and zoning, encumbrances, body corporate (if strata), notices issued against the property.
Cooling-off doesn't start until you've received a complete Form 1. Sellers who provide an incomplete Form 1 expose themselves to extended buyer rescission rights.
Your conveyancer reviews the Form 1 in detail. The building inspection report is a separate document but they work together to give you complete due diligence on the property.
Cooling-off period
Two clear business days from contract signing during which a residential property buyer can rescind without penalty (subject to a small forfeit).
Pre-purchase inspection
An AS 4349.1 compliant inspection of a property before you commit to buying. The standard due diligence step in any Adelaide property purchase.