09 May Changes to property law – verification of identity now required
Recently changes were made to the law regarding identification requirements for entering into land transactions. These changes were designed to prevent fraud on titles and other financial transactions. This is especially important now that conveyancing can be done electronically.
“Verification of Identity” is now required for any land transaction. If you’re buying, selling or transferring property, you’ll need to have your identity verified face-to-face before settlement. This can be done with a lawyer or for a fee at Australia Post.
Verification of identity (VOI) procedure
Purchasers and Vendors are now required to verify their identity. These changes have been made to reduce the risk of identity fraud and the registration of fraudulent land transactions.
The most appropriate way a client may verify their identification is by attending their local Australia Post outlet with a Land Title Identity Verification Form, which should be provided to the client at the time of initial instruction.
This form is to be completed by the client and taken (with the required forms of identification to Australia Post) for verification of their identity.
When clients attend Australia Post with the Identity Verification Form they will be required to make a $39.oo payment.
A VOI Report will then be uploaded on the client’s solicitor’s portal if they are registered with Australia Post for VOI. Alternatively the verification of identity procedure can be carried out in person with the solicitor verifying from photo id but cost will vary depending which solicitor carries it out.
Identity verification is valid for 2 years.
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