Buying or selling a property? Make sure you have your ID documents ready.

If you're planning on buying or selling a property, a key aspect of your preparation should be ensuring you have your identification documents ready and up-to-date. We're entering a new era in Tasmanian conveyancing transactions, with the first phase of changes set to take effect in October 2023, all going to plan.

Electronic Conveyancing

The shift towards electronic conveyancing is a major milestone in Tasmanian property transaction procedures. This modernisation will entail mandatory verification of identity (VOI) by lawyers and conveyancers of all relevant parties involved in a conveyancing transaction.

VOI is by no means a new concept; in fact, the majority of firms already have their own set policies and procedures concerning VOI. However, these forthcoming changes will lay down a new minimum standard for VOI. Firms are obligated to take reasonable steps to verify IDs whenever the standard cannot be met.

Preparing for the Future: The Importance of Updated VOI Policies

Our firm proactively reviewed and updated our VOI policy in January 2022, ensuring our processes are aligned with the upcoming requirements. This proactive approach has equipped us with unique insights into potential challenges that individuals and firms might encounter once these changes become universally applicable.

Some of the key challenges could include:

- People lacking necessary ID documents

- People who, due to being accustomed to previous practices, might overlook the significance of the updated VOI requirements

Spreading the Word: The Role of Real Estate Agents

Effective communication about these changes and clear guidelines on what to expect will play a crucial role in ensuring a smooth transaction for all parties involved. Real estate agents can help us in this endeavour by informing their vendors and prospective purchasers about the need to complete VOI as part of the conveyancing process.

The transition might be particularly tough for people who find it difficult to leave their homes and are not tech-savvy. An early heads-up would give these individuals enough time to adapt and organise themselves accordingly.

How to Complete VOI

The process of VOI can be completed in person in our office, remotely via an online identity verification platform (we use InfoTrackID), or at any Auspost post office.

Be aware that multiple ID documents are required for VOI. Most of our clients use either a passport and driver's licence OR a driver's licence, birth certificate and Medicare card to complete VOI.

Need Assistance?

We understand that this transition might raise some queries or concerns. If you have any questions regarding the new VOI requirements or any other aspect of the changes in conveyancing transactions, please feel free to contact us. We're here to guide you through the process and make this transition as seamless as possible.