Understanding the Verification of Identity Process when Selling a Property on the Gold Coast
If you’ve ever found yourself searching for Real Estate Agents Southport, you’ve likely come across, or are about to find out about the need for a Verification of Identity (VOI). The VOI process plays a vital role in real estate transactions, ensuring the parties involved are who they claim to be and minimizing the risk of fraud.
What is a Verification of Identity Check?
A Verification of Identity check is a crucial step in the real estate transaction process, whether you’re buying or selling a property. This process is implemented to mitigate the risk of fraudulent activities by confirming the identity of the parties involved in the transaction.
Who Requires a Verification of Identity Check?
Whether you’re a buyer or a seller in a real estate transaction, you’ll need to undergo a VOI check. This applies to both individual buyers/sellers and multiple parties involved in acquiring or disposing of a property. This requirement is not limited to physical transactions; it applies to electronic transactions as well.
Cost of a Verification of Identity Check
The fee for a VOI service is typically around $49, payable via various methods such as cash, EFTPOS, Visa or MasterCard. Notably, cheques are generally not accepted.
How Does the Verification of Identity Process Work?
To complete your VOI check, you’ll need to present yourself at a participating post office. The post office staff will:
- Verify your identity
- Take your photo (usually free of charge)
- Witness your signature
- Organize secure delivery of your information to your conveyancing practitioner
Preparing Your Application for Verification of Identity
When you’re ready to present your application at the post office, make sure you have:
- Correct identity documents for the highest possible category
- The Land Title Verification of Identity Form provided by your conveyancing practitioner
- Do not sign the form before your visit; your signature must be witnessed by an Australia Post Identity Verifier.
You can find a participating post office near you or call 13 POST (13 76 78) for more information.
Acceptable Identity Documents
The documents you need to produce for your VOI check depend on your status as an Australian citizen/resident or non-Australian citizen/resident. It’s important to note that all documents should contain matching personal information. If there’s been a change in your name, you’ll need to provide a change of name document.
Below is a summary of the types of documents required:
Category 1 (Australian citizen or resident):
- Australian passport or Foreign passport
- Australian driver’s licence or Proof of age card / Photo card
- Change of name certificate (if required)
Category 2 (Non-Australian citizen or resident):
- Foreign passport
- Australian/foreign driver’s licence or Proof of age card / Photo card
- Change of name certificate (if required)
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Validity of Verification of Identity Report
Once completed, your VOI report remains valid for two years from the date of verification, but only with the conveyancing practitioner who requested it. If you change conveyancing practitioners within the two-year period or after this period, you’ll need to undergo another VOI check.
PEXA and Verification of Identity
PEXA, the Property Exchange Australia, follows a strict VOI process that aligns with the requirements of the Australian Registrars National E-Conveyancing Council (ARNECC). This ensures trust in the network for all customers and a smooth e-conveyancing process.
Verification of Identity for PEXA Members
Joining PEXA as a network customer involves completing a VOI check. The person(s) who signs the PEXA Participation Agreement on behalf of their organization should complete this process.
Verification of Identity for Buyers and Sellers
Lawyers and conveyancers are required to verify the identity of their clients when completing e-Conveyancing transactions. They can either complete the client’s VOI themselves or use a VOI agent.
International Verification of Identity
For Australian citizens and residents overseas, their identity verification must be done at an Australian Consular Office. This rule applies to those who are completing their VOI check as per the Model Participation Rules VOI Standard.
In conclusion, the VOI process is an essential part of real estate transactions, ensuring the legitimacy of the parties involved. Whether you’re searching for Real Estate Agents Southport, or simply looking to understand the Australian real estate market better, familiarizing yourself with the VOI process is certainly beneficial.
What to watch for when selling a house on the Gold Coast can be a very complex process, but it doesn’t have to be overwhelming. By following the tips above, you can increase your chances of a successful sale. When you are searching for Real Estate Agents Southport, let’s chat over a coffee about the process of selling your home to get you underway. Craig Douglas, your local Gold Coast Real Estate Agent 0418 189 963
Author – Craig Douglas
Please Note: The information contained in this document is for general information purposes only and does not constitute legal advice. The laws and regulations governing the sale of property in Queensland are complex and constantly changing. It is important to seek the advice of a qualified property lawyer or conveyancer before making any decisions about the sale of your property. This document does not take into account your individual circumstances and may not apply to your situation. By reading this document you agree that you have not relied on the information contained herein and that you will seek independent legal advice before taking any action.
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