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The property market remains active in Adelaide and across South Australia, with investors, first home buyers, and people relocating from other states all active. 

Whether you’re buying your first home in the city, an investment property in the hills, or moving here from interstate, the process has some unique features worth understanding upfront.

In South Australia, most residential purchases use the standard Residential Contract form issued by the Real Estate Institute of South Australia (REISA). 

Here are the six most important things to know before you sign.

1. Finance Conditions – Your Safety Net (If You Need It)

Many contracts include a finance condition, giving you a set period (usually around 14 days from signing) to secure loan approval. If you can’t get finance within that time, you can end the contract without penalty — provided you’ve genuinely tried.

You must use your best endeavours to obtain finance — you can’t just say “no” and walk away. Vendors can ask for evidence of your efforts (e.g., loan rejections), and you may need to accept any reasonable offer. 

The exact wording of the finance clause matters — some contracts make it stricter or more flexible. Always check.

2. Insurance – Risk Passes to You on Signing

From the moment the contract is signed, the property is at your risk. If something happens (fire, storm damage, etc.) before settlement, you’re generally responsible.

The vendor must take reasonable care to maintain the property’s condition, but you should arrange building and contents insurance (and public liability if needed) starting on the contract date. 

This is a common oversight — don’t wait until settlement.

3. Cooling-Off Period – 2 Business Days

South Australia gives buyers a 2-business-day cooling-off period after signing (unless the property was bought at auction or you waive it in writing).

During this time, you can pull out for any reason (though you may forfeit 1% of the purchase price as a penalty). I

t gives you space to arrange pest/building inspections, strata reports, or finance checks. The cooling-off period starts when you receive the Form 1 (if after signing) or immediately if you already had it before signing.

4. Form 1 – The Vendor’s Disclosure Statement

The Form 1 (Statement of Information) is a mandatory document the vendor must give you. It discloses key details about the property — title issues, encumbrances, council rates, zoning, heritage listings, flooding risks, termite history, and more.

It must be served at least 10 clear days before settlement (or earlier). 

If it’s not provided before or at signing, you can rescind the contract right up until settlement. The Form 1 is your chance to spot red flags — review it carefully.

5. Stamp Duty – When and How Much

Stamp duty (also called transfer duty) is payable to RevenueSA on all property purchases. It’s calculated on the purchase price (or market value if higher) and must be paid before registration of the transfer — usually at settlement, or within 2 months of signing the contract, whichever comes first.

For longer settlements (e.g., 90+ days), pay within 2 months of signing. 

Concessions and exemptions exist (first home buyers, principal place of residence, family transfers, etc.) — check the RevenueSA website for current rates and calculators.

6. Why Get Advice Early?

Buying property involves more than just the price. Contracts, conditions, disclosures, and risks can vary. A quick review before signing can save you thousands in unexpected costs or headaches later.

At Visual Legal, we help buyers across Adelaide and South Australia understand contracts, negotiate conditions, review Form 1 statements, and ensure everything is clear before you commit. 

Book a free consultation — we’ll meet in our central Adelaide office or via secure teleconference, review your contract or situation, explain the key points in plain English, and help you buy with confidence. No pressure, just practical support.

Thinking of buying in South Australia? Let’s make sure you’re protected — get in touch today.