On November 9, 2015 New laws came into effect requiring all purchasers of real estate to verify their identity "verification of identity" (VOI). The amendment to the Transfer of Land Act requires all parties to a property transaction to have their identity verified (VOI). The VOI also applies to company directors and lawyers who are acting under a Power of Attorney.
By Scott O. Talbot - November 25, 2015
The Registrar of Titles (State by State Government Department) across Australia have put in place specific requirements that must be followed to verify I property owners identity. Similar to an Australian bank’s requirement to verify the identity of an account holder to "score 100 points”.
Drivers Licence = 40 points
Credit Card - Library Card - Union Card = 25 points
Car registration - Utility bill - Rental receipts = 25 points
Birth Certificate - Passport - Citizenship Certificate = 70 points
Australia Real Estate VOI Requirements
State authorities around Australia have mandatory Verification of Identity (VOI) policies.
These policies help to protect all the parties in a land title transaction against fraud.
Mandatory VOI policies are now in place in Victoria, South Australia and Western Australia. Meanwhile, similar policies are set to be introduced in New South Wales in 2016. The remaining states are yet to indicate when they will announce VOI requirements.
Reasonable steps must be taken to verify your identity, whether you are an individual or a corporate entity. To comply with the new real estate title laws, conveyancing practitioners and lawyers need to ensure face-to-face identity checks are made on each of their clients buying, selling or transferring real estate in Australia.