Information for buyers – money and settlementMarch 24, 2016
Lost Certificate of TitleMay 11, 2016
Since November 2015, it’s been a Land Victoria requirement that any person who’s buying or selling property has to have their identity verified. This includes the directors of companies that are signing for their company, and attorneys acting for a person or persons who are unable to sign the conveyancing documents personally.
Why is this important?
There are two reasons:
1. There has been at least one recent case of fraud in Australia, where persons have sold a property by pretending to be the owners and then absconding with the proceeds (the real owners were overseas).
2. If your conveyance is being settled electronically, the electronic Transfer document will be signed digitally on your behalf by your conveyancer or legal practitioner. However, they can only sign this electronic document for you if they can certify that you have had your identity verified.
Some people have complained that Verification of Identity is a new burden that they haven’t been subjected to before. That’s true, but it’s always been Glenferrie Conveyancing’s practice to identify its clients, and now it’s a mandatory requirement.
How is your identity verified?
There are two methods:
1. Glenferrie Conveyancing can do this for you if you bring your identity documents (drivers licence and passport) to your meeting with us.
2. You can attend a Verification of Identity agent. Glenferrie Conveyancing has engaged Australia Post to act as its Verification of Identity agent, and so you can attend any Australia Post office within Australia to have your identity and identity documents verified.
What if you don’t have a drivers licence and a passport?
The Verification of Identity rules provide that certain other documents can be used as substitutes. These include a Birth Certificate and Medicare card. There are separate rules for clients who are not Australian residents.
Contact our Northcote conveyancing office for more information.