Do searches and Form 1's expire? When?
Do searches and Form 1’s expire? When?
There is a common misconception that a Form 1 is valid for 3 months from preparation. However, this is far from the truth and agents could be at risk of serving defective Form 1’s on purchasers and leaving their vendor vulnerable to contract failure.
How long is a Form 1 valid?
The Form 1 and searches are valid until there is a change in the information they contain.
This might be 24 hours or 12 months.
The aim is to serve the Form 1 with the most recent information. Reason being; it is easier to prove that the content of the Form 1 and searches is current and unlikely to have changed when the dates on the searches are very close to the date that the Form 1 was served. The greater the lapse in time between the date of the searches and the service of the Form 1, the greater the risk that there is a change to the information. This also leaves the vendor vulnerable to the purchaser asking for the Form 1 to be reserved with current information.
Why the 3 month myth?
The confusion around the ‘3 month validity period’ stems from the fact that searches can only be updated within the first 90 days of original order. It is not that the Form 1 is valid for 3 months from preparation, but rather that the information can be updated within the first 3 months to ensure currency at the time of service.
Have a question or require more info about the searches and Form 1's expiring?
At Tuckfield Agent Solutions (Form 1 Services Adelaide) our service extends beyond the initial preparation of the Form 1. We offer a complimentary update of the Form 1 at no cost within the first 90 days of the searches being ordered.
Speak to us today about how we can assist you with your Form 1 preparation and ensure it is correct at the time of service. More info about Tuckfield Agent Solutions or Contact our Office on (08) 8344 1215.
Please note that the information contained in this article is of a general nature only and does not constitute legal advice. Tuckfield Agent Solutions does not take responsibility for any errors or omissions obtained from the use of this information.