New ID requirements – buying & selling property
BUYING OR SELLING PROPERTY?
You must now verify your identity
From 9 November 2015, the Victorian Government requires law firms to gain an identity check from all clients for 'any legal work relating to the buying and selling of property'.
It is similar to the '100 points' rule that applies when you are opening a new bank account - although the combination of documents you provide will differ from what a bank requires.
Below is a guide explaining the original documents you must now produce to your solicitor or conveyancer when undertaking a property transaction. CLICK TO INCREASE IMAGE TO FULL SIZE.
"Buying or selling property? The law now requires you to provide specific identification before the sale or purchase can proceed."
If you are unable, for any reason, to attend in-person at our office to present these documents, there are other options available to verify your identity.
However, as this service will be provided by an independent third party, it is likely you will be charged by this party for their services.
Please let your Lawyer, Conveyancer or Law Clerk know if you require assistance with this new requirement.
Contact us to find out more.