In South Australia, a Form 1 is a legal document used in real estate transactions. It is also known as a Vendor's Statement or a Section 7 Statement. The purpose of the Form 1 is to provide important information about the property to potential buyers.

The Form 1 contains details such as:

Identity of the property: This includes the address, title reference, and any encumbrances or easements affecting the property.

Zoning and planning information: The Form 1 may include details about the zoning of the property and any planning restrictions or proposals that may affect its use.

Services and amenities: It provides information about the availability of services such as water, gas, electricity, and sewerage.

Building and development approvals: The Form 1 may disclose any building or development approvals obtained for the property, as well as any outstanding approvals or orders.

Legal and financial information: It may include details about any mortgages, caveats, or other legal interests registered against the property, as well as any outstanding rates or taxes.

The Form 1 must be prepared and provided to potential buyers before a contract of sale is signed. It is an important document as it allows buyers to make an informed decision about purchasing the property. Buyers have a cooling-off period during which they can review the Form 1 and seek legal advice before proceeding with the purchase.

A contract of sale, on the other hand, is a legally binding agreement between the buyer and the seller of a property. It sets out the terms and conditions of the sale, including the purchase price, deposit amount, settlement date, and any special conditions or contingencies. The contract of sale is typically prepared by the seller's conveyancer or solicitor and is signed by both parties once they have reached an agreement on the terms.