Form 1 – Search Authority & Vendor Questionnaire

Precision Legal as sub-agent, by Letter of Instruction with the Agent has authority to provide the service the Agent is required to provide to the Vendor pursuant to Section 9 (1) and 9 (2) of the Land and Business (Sale and Conveyancing) Act. The Agent has or will provide to Precision Legal sufficient information for the preparation of the Form 1, together with a copy of the Vendor Questionnaire completed and signed by the Vendor. Precision Legal will initiate the searches as required to complete the Form 1. Please note that the statutory searches expire after a three (3) month period, or at the end/start of a new financial year and additional costs may be incurred to update the searches after this time has lapsed. Upon receipt of all search information, Precision Legal will prepare the Form 1 and deliver a signed copy to the Agent, whereupon they will arrange to insert the Purchaser’s details, arrange for the Vendor to check and sign and then serve the Form 1 on the Purchaser. The Vendor accepts and acknowledges that the Form 1 will be prepared by Precision Legal. The Vendor hereby authorises and instructs Precision Legal to order the searches and prepare the Form 1 and Precision Legal will provide the service. Terms are full payment within seven (7) days from the date of the invoice or full payment for the release of the complete Form 1 whichever is sooner. The Vendor hereby acknowledges that Precision Legal will pay the search fees for them at their request and if unpaid within 7 days or at the completion of the Form 1 then the credit terms will apply from the date of the invoice. The Vendor acknowledges and accepts that Precision Legal will apply a 20% surcharge to the monies owing if the invoice is not paid within 7 days. Precision Legal may assign the debt and all its interests herein and the Vendor consents and acknowledges any assignment or transfer. The Vendor charges any and all real property they own with this debt (in addition to recovery costs) and this charge may be registered. This agreement is executed as a deed.