In order to reduce the risk of land title fraud, NSW has introduced a Verification of Identity (VOI) policy. This policy came into effect on 1 August 2016.
What is VOI?
Whether you are buying, selling, or transferring property there are steps in place to help protect the parties involved from the risk of land title fraud and irregular land title issues. In particular, state laws require all parties involved in a conveyancing transaction to have their identity verified before settlement can occur.
VOI is a standard process that involves face-to-face verification of a person’s identity. This can be done in our office or at a VOI authorised facility, for example Australia Post.
Once an identity has been verified, it need not be re-verified for two years.
What transactions do the VOI policy apply to?
All conveyancing transactions involving one or more parties to create, transfer, dispose of, mortgage, charge, lease or deal with in any other way an estate or interest in land, or to have something registered, noted or recorded in the titles register, or to have the registration, note or record of something in the titles register changed, withdrawn or removed and the delivery of certificates of title to clients and mortgagors.
What are Conveyancing Transactions?
Registration of transfers of land or leases, leases, variations and surrenders of leases and easements, as well as documents which create or deal with an interest in land (which are not registered) such as agreements for lease, contracts for sale.
VOI for Companies
In the case of a company, the Verification of Identity policy requires a legal representative to confirm the existence and identity of the company by conducting a search of ASIC’s records and identify those who are authorised to sign or witness the affixing of the seal on behalf of the company and verify the identity of the individual or individuals signing or witnessing the affixing of the seal on behalf of the company as one would for execution by an individual.
What documents do I need for VOI?
ONE of the following:
AND ONE of the following:
Australian driver’s licence
Proof of age card / Photo card (issued by a state or territory)
If you don’t have these documents please contact us to discuss other options.
For more information:
See point 4 in NSW Verification of Identity and Authority