August 18, 2016
Verification of Identity – Painful or essential?
E settlements of conveyancing are now here – it’s the way of the future and something which we all have to accept and deal with.
E settlements of property are now underway all over Australia.
What does this mean for a buyer or seller?
Well, if you are a seller then you will have clear funds available to you within minutes of settlement. Funds are instantly reserved and moved around by the Reserve Bank of Australia to all parties, ie. seller, real estate agent, banks etc.
If you are a buyer then the transfer relating to the property is lodged in the Titles Office within minutes of the settlement taking place and the title is in your name by the end of the business day.
All exciting stuff!!!!!!!!!!!!
BUT – the one thing that people aren’t happy with is the verification of identity. This is something which is not only essential for E settlements but is also an essential protection for anyone buying or selling land.
What is Verification of Identity (VOI)?
Verification of Identity means that we have to be sure that you are who you say you are! Sounds time-consuming and bothersome? Well, you can look at it that way or look at it on the basis that the protections are there for a reason.
Cases of identity fraud – we’ve all seen the movies – do actually happen and it happens to ordinary people.
ACT Police have been involved recently in a case where a property owner contacted his rental agent to inquire about his missing rental payments. The property, it was discovered, had been sold by a person purporting to be the owner…. This can happen anywhere.
We HAVE to verify your identity – for you own protection and for ours. We need to be sure that you are the person you say you are and you need the protection that this gives you in your conveyance.
So next time someone asks for ID, don’t get grumpy – be happy that someone is actually trying to protect you.