Identification Requirements for Property Transactions – Suzanne Hindmarsh
Are you wanting to sell or buy land in NSW? From 1 May 2016, the NSW Land and Property Information (LPI) under Section 12E Conveyancing Rules of the Real Property Act 1900, announced the Verification of Identity Standards (VOI Standards) will be applied to all land transactions. Without a VOI you cannot buy or sell land.
Verification of Identity (VOI) is a process to identify a party/parties to a conveyancing transaction. The VOI framework has been introduced to reduce fraud and improper land dealings.
So what does this mean for you if you are selling or buying property in NSW? When you visit your solicitor/conveyancer, you will need to provide original up-to-date identification documents to enable your solicitor/conveyancer to take reasonable steps to identify you when acting on your behalf in a property transaction.… Read More