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ARTICLE · 01 APRIL 2015

Proposed changes to VOI requirements for electronic conveyancing - Will lenders ever find safe harbour?

Hunt & Hunt
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The proposed changes will make it more difficult for lenders to rely on the safe harbour rules for property transactions.

AustraliaReal Estate and Construction
Richard Williams
Richard Williams
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ARNECC (Australian Registrars' National Electronic Conveyancing Council) is proposing changes to the Model Participation Rules for Electronic Conveyancing, which if implemented will make it more difficult for lenders to rely upon the safe harbour rules prescribed in relation to verification of identity requirements for property transactions. A consultation period concluded at the end of February and stakeholders are awaiting an outcome.

LET US EXPLAIN THE SIGNIFICANCE OF THESE PROPOSED CHANGES

In recent years land titles offices in Western Australia and then South Australia introduced verification of identity (VOI) requirements for paper-based property transactions.

More recently Victoria and New South Wales have followed suit.

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