Housing, specifically the purchase of, is a hot topic in the
media, in politics and around your workplace water cooler. Most of
us are fairly familiar with the steps involved in the purchase of
residential property but what you may not be across are recent
changes in conveyancing.
Under the new Conveyancing Rules lawyers and conveyancers are
required to verify the identity of their clients, borrowers and
anyone who is to be provided with a certificate of title. In
addition, it must be confirmed that the person having their
identity checked has the authority to deal with the land.
This is known as the Verification of Identity Standards (VOI)
and it aims to standardise processes as part of the shift towards
electronic conveyancing. NSW, Queensland and Victoria land
registries have developed and adopted this process. VOI also aims
to combat fraudulent activity.
