In 2016, legislation was made stricter for property transactions regarding the verification of identity process. This legislation protects Vendors and Purchasers much better than the previous laws. In short, it makes it harder for anyone to steal your identity, and indeed your property.
What and why?
Conveyancers need to confirm that Vendors and Purchasers are who they say they are before a property transaction can take place. This means that a person can only sell property they own. Prior to this verification of identity legislation, there were instances of people selling property that wasn’t theirs and keeping the sale proceeds! Learning about some of the scams that have happened in the past is extremely surprising. Read this article about a guy who had his house sold from underneath him in 2010.
How do I complete my verification of identity?
The process is quite easy. It’s very similar to how you would prove your identity for a new passport. Read here for our checklist. The absolute easiest way to do it is to come and visit our office, or we can send a link directly to your mobile phone. But, you can also complete it at Australia Post using a form that your Conveyancer can provide.
You’ll just need to provide your birth certificate or passport, driver’s licence and your Medicare card. If you’ve changed your name at any stage, you’ll also need the certificate that shows this (I.e. Marriage Certificate).
Safety Considerations
Don’t lose sight of the fact that we are talking about your legal identity here though. As such, significant care needs to be taken to protect your identity. With us for example, we will never ask you to provide photocopies or scanned copies of your documents. Places that do, will often store these documents on file, leaving you susceptible to identity theft.
We use an app directly linked to our database and treat your identity protection as if we were protecting ourselves. We take no risks and maintain high levels of security to eliminate any potential threats.
Once you complete your verification of identity with our office, it remains valid for two years. So you won’t need to go through the process again if you use our services for another property transaction during this time. However please note that legislation prevents us from being able to share it with any other parties, including your lender.
If you have any queries about verification of identity, there’s also some good information available here. Or feel free to drop us a line or call us on 08 8261 5092.