After the vendor accepts the offer the agent will give the purchaser a Form 1. The first part of this form explains how to 'cool off' [ss.5-8,10, Land and Business (Sale and Conveyancing) Act 1995 ].

The form sets out all mortgage charges or prescribed encumbrance affecting the property and specifies which will be discharged on or before settlement. These should be discussed with the land agent and any suggestion that a particular item need not be of concern (such as a road widening plan or a zoning requirement) should be carefully checked. No assurance, from anyone other than the body referred to, that the requirement will not affect the property should ever be accepted. A purchaser may have a remedy at law against a vendor who fails to record encumbrances or matters affecting the property, but this may prove to be of little value and will certainly not compensate for the worry involved.

Any transactions involving transfers of the property that have taken place in the past twelve months are also shown on the Form 1, as it gives an indication of whether the home is being resold after a facelift or has actually been a long standing family home. If the former, full inquiries should be made as to the reason for the resale. A more thorough examination of the property can be made (for example, to look for hidden salt damp) as the previous owner may have discovered something that will seriously affect the home in the future and is reselling to avoid it.

The vendor does not have to reveal information beyond the boundaries of the property. The purchaser should ask neighbours and the local council to ascertain whether or not there are any proposals to neighbouring land that could affect the peaceful occupation of the property.

While a Form 1 sets out various matters that a vendor is required to reveal, other matters may not be so easily discovered, as many factors that may seriously affect a purchaser's enjoyment of a home are not required by law to be disclosed, and therefore will not be in the Form 1. For example, an adjoining property may have permission to set up a factory, the local school may be about to be closed or, in a strata title home unit arrangement, the corporation controlling the jointly held property may have rules prohibiting the keeping of pets. Inquiries regarding schooling, transport and other matters should be made from neighbours and other people rather than the vendor and the land agent.

With strata title units and community titles certain information must be given when requested such as extracts from meetings detailing rules and guidelines for the operation of the group, see strata and community titles.