Today I am discussing the need for Verification of identity and e-conveyancing. To reduce the risk of property fraud, states across Australian are introducing verification-of-identity (VOI) legislation for transfers of property. It also compulsory for property sales over $2m in Victoria.
The verification of identity legislation applies to companies and people who are buying, selling and transferring property within WA, SA, VIC and NSW. This legislation places responsibilities on conveyancers, lawyers and mortgagees to verify their clients’ identity.
The process has a number of advantages in that once completed it can be used for any future transaction, up to 2 years, that may require the 100 points report.
My practice has decided to use the Australia Post service because clients can attend any AusPost Office and lodge their form making the process easy to use. Australia Post provide this helpful U-Tube video of the process at https://youtu.be/wIR31PWk4Gg for my clients I will email them the form and a visit to the post office and the jobs done.
As you will be aware from past posts, property conveyancing is becoming more electronic and in time our clients will be able to authorise us to sign contracts and transfers and other forms electronically so that the conveyancing process becomes more electronic and seamless.
E-conveyancing is coming to you soon, as we learn about this new process, designed to minimise risk and the use of cheques. E-conveyancing minimises the manual process and paperwork associated with a property settlement by enabling lawyers and financial institutions to transact together online.
This process will enable parties to lodge documents and complete transactions electronically. Please have a look at this U-Tube video about how this all works https://youtu.be/4Eio4VitaDk
In Victoria more and more conveyancing transactions will be done online as this process gains greater acceptance. For us in the country the advantages are significant as the major banks operate in our major cities and settlement takes place online at the designated date and time. One of the other benefits is that our clients will be able to have their own app on their mobile device with real time information available at all times, for free.
If you would like more information, please give me a call on 0419 500 223 or you can request a skype interview for 10 minutes also free for advice and other assistance. Just email email@example.com and provide me your details so I can book a call with you.