As the march toward e-conveyancing picks up pace, another important step has been taken by the South Australian Land Titles Office.
Registrar-General, Brenton Pike, has announced the dropping of exemptions of the verification of identity requirements for interstate clients.
The date of this change is February 1, 2016.
Here is what it means and what it is foreshadowing for property dealings in South Australia this year.
But this was done over the border?
Back in 2014, I wrote about Australia’s move into a new era of identity verification in the article, You know my name, look up my number: New verification of identity for conveyancing in SA.
This meant that we had to take all clients through a Verification Of Identification process, even long standing clients, to ensure every party to every property transaction was who they said they were to satisfy the regulations.
But as with all wide-ranging changes, not all parts of Australia moved at the same pace, meaning our registrar had to introduce exemptions for clients signing interstate due to the disparity between states and territories on the road to uniform VOI protocols.
And in the opinion of Brenton Pike, we have now reached that point.
As a result of the maturity of the national Verification of Identity process and other jurisdictions commencing introduction of the process for paperless transactions, I will be removing the current exemption that exists for clients signing real property dealings interstate.
My team is up to speed on these changes and I recommend you talking with your conveyancer, if your impending property transaction will involve parties outside South Australia.
One of the side effects of VOI practices reaching a uniform stage nationwide, as it clears the way for our march towards electronic conveyancing.
So here we are at the beginning of a new year and already the conveyancing world is revving up the changes and making my ongoing point that having a sound relationship with a trusted conveyancer can be one of the most helpful relationships you’ll have when it comes to managing your assets.