New NSW Conveyancing Rules came into effect on 1 May 2016 with full compliance required from 1 August 2016. The new Rules include Verification of Identity requirements (VOI) for clients and have evolved to reduce fraud and to enable practitioners to move towards electronic conveyancing of property transactions. All Australian Legal Practitioners, Law Practices and Licensed Conveyancers acting on behalf of a client are required to take reasonable steps to verify the identity of each of their clients at the commencement of a transaction relating to real estate including selling, mortgaging, leasing and even handing over a title deed from safe custody.
The identity requirements vary but generally a passport and drivers licence would cover most situations; if these are not available there are several combinations of Passport, birth certificate, Government ID cards and photo ID cards that can help you meet the identification obligations.
VOI requires face to face identification therefore original documents must be brought into our office to enable copies to be taken and certified by a Solicitor or JP. If it is not possible for you to attend at our office for that purpose you must obtain a Land Title Identify Verification Form from our office. That form can be taken to a participating Australia Post outlet with appropriate identification. Verification of your identity is then provided to us by Australia Post.
If you wish to know more about what documentation will be required please either call into our office or telephone our office and we will be able to assist you.
Whilst we understand that some of our practitioners and staff members may have known you for many years and you may consider it inconvenient to obtain the required identification, we are required to comply with the new legislation for all clients.
By Karen Lewin
This article is general information only and should not be relied on without obtaining further specific information.