The form 1 is an informative statement relating to certain details about the property that is being conveyed.
You must receive a copy of the form 1 at least 10 days prior to the settlement date although most times you will receive earlier, once you have received the form 1 you have 2 clear business days for your cooling off period. If a form 1 was served on a Friday cooling off would not commence until the following Monday (or business day in the case of a public holiday).
If there is no reason for you to cool off the process will proceed onto settlement where your conveyancer will take care of all the details.
the form 1 consist of:
- An introductory statement setting out the purpose of the form
- Details of both parties and the land
- Details of your
- A statement by/on behalf of the vendor
- A certificate by/on behalf of the agent verifying the particulars in relation to the land appearing in the statement (if applicable)
- A table of particulars in relation to mortgages, charges and prescribed encumbrances affecting the property
- Parts detailing particulars in relation to prescribed matters affecting the property (council/highways department/other statutory responses).
It is always important to have your conveyancer check over your form 1 before your cooling off period expires to make sure all the details are correct and all relevant information has been listed.