Verification of Identity
In order to reduce the risk of title fraud…
Each state authority is introducing reforms for a new Verification of Identity Policy (VOI). In South Australia documents executed on or after 1st July 2013 are required to comply with the policy.
As part of the South Australian commitment to the implementation of electronic conveyancing, business practises and policy changes have been required. The introduction of VOI was the first step in policy changes required to provide a consistent approach for real property transactions in both the paper lodgement system and the electronic conveyancing system.
These are just some of the questions a conveyancer could answer for you:
- what is the difference between Strata, Torrens and Community titles?
- should my partner and I hold property as joint tenants or tenants in common?
- what happens to my property if I get divorced or write a new will?
- can a company I am a director of purchase property?
- when should I approach a bank/finance company to obtain finance?
- Will I be eligible for any grants, concessions or rebates may I be eligible for?
- What do the special conditions in my contract mean?
- Is there a need for any special conditions in my contract?
- What does the information in the Form 1 mean?
- I think I have made a terrible mistake! Can I change my mind?
Purpose of the Policy
The policy reduces the risk of land title fraud and other improper land title dealings in South Australia, thereby strengthening the security, certainty and integrity of South Australia’s Torrens land title system.
How does it affect you?
Your conveyancer will explain what the requirements are and assist you through the process. They may carry out the identification themselves or may use an agent to do so.
A variety of documents may be used to verify identity including passports, Australian driver’s licence, Proof of Age Card and more. Your conveyancer will assist you to understand what documents may be used to meet the minimum requirements.
For more detailed information about the process and requirement please see the Electronic Conveyancing Transactions – VOI Client Information Sheet.