Also referred to as a form 1, the buyer is given a copy of the vendor's statement before settlement. It can also be supplied to potential buyers on request. The cooling off period begins once the contract of sale is signed or the vendor's statement is received, whichever happens last.
The information must be factually correct and signed by the vendor. Incorrect or insufficient information could result in a withdrawal from the sale and legal action.
Information on this form includes:
- particulars about the property's certificate of title
- details of mortgages registered on the property
- caveats, easements, covenants or other encumbrances
- zonings and outgoings - eg water rates
- the condition of the buildings and if they comply with building regulations.
