A Form 1 (also known as a Vendor’s Statement), is a statutory disclosure statement that must be served on a Purchaser once a sale contract has been signed. The Land and Business (Sale and Conveyancing) Act 1994 requires an accurate Form 1 statement to be provided to an incoming Purchaser, setting out cooling-off rights and specified particulars regarding the property.
The Vendor must legally disclose any information on the property which would negatively alter the value so that the transaction is transparent and the Purchaser knows exactly what they are buying, and it is imperative that the Form 1 is accurate at the time of serving.
The cooling off period begins once the Form 1 has been served on the Purchaser, and expires at the end of the second clear business day after the Form 1 has been served. The cooling off period is used by the Purchaser to complete their due diligence (building/pest inspections etc) with the option to withdraw from the Purchase for any reason during this period. *Please note – there is no cooling off period when you buy at auction.
Distinct Conveyancing are able to arrange the preparation of Form 1 documents for Vendors and review them for Purchasers.
Please contact us for all your Form 1 questions.