Understanding the verification of identity in property sales on the Gold Coast
Verification of Identity (VOI) plays a vital role in real estate transactions, ensuring the parties involved are who they claim to be and minimising 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 also applies to electronic transactions.
Cost of a Verification of Identity Check
The fee for a VOI service is typically around $49, payable via various methods, including 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
- Organise 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; an Australia Post Identity Verifier must witness your signature.
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 a non-Australian citizen/resident. It’s essential to ensure that all documents contain matching personal information. If there has been a change in your name, you’ll need to provide a document showing the change of name.
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)
Validity of Verification of Identity Report
Once completed, your VOI report remains valid for two years from the date of verification, provided it is used by 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 organisation 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 individuals completing their VOI check in accordance with the Model Participation Rules VOI Standard.
Selling a house on the Gold Coast can be a 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 understanding the verification of identity in Gold Coast property sales, let’s chat over a coffee about the process of selling your home to get you underway.
THIS IS HOW YOUR JOURNEY TO A SUCCESSFUL GOLD COAST PROPERTY SALE STARTS
My simplified guide below will take you through a 20-step process for selling your property anywhere on the Gold Coast;
I proudly sell homes across the entire coast.
1. PREPARING YOUR GOLD COAST PROPERTY FOR SALE + SOME OF THE LEGAL REQUIREMENTS
- Tidying gardens and decluttering everything inside and out.
- All homes for sale, are legally required to have hardwired photoelectric, interconnected smoke alarms.
Non-removable 10-year battery smoke alarms can be installed as an alternative.
- By law, you are required to complete a pre-contractual seller’s disclosure statement: generally related to limitations, restraints, or defects in the property title, such as easements, covenants, leasing, zoning, etc.
- A pool safety certificate is also required if you have a swimming pool or if the property has a shared swimming pool (Body Corporate).
2. COMPARATIVE MARKET ANALYSIS REPORT FOR YOUR GOLD COAST PROPERTY
After showing me around your property, I will provide you with a Comparative Market Analysis (CMA) report. This is a detailed, legally required analysis of your home’s market value.
The CMA is based on recently sold and for-sale properties similar to yours in the immediate area. I will need to view your home to prepare this report.
3. SETTING A MARKETING BUDGET FOR YOUR GOLD COAST HOME
The third step in selling your home is to create a marketing budget.
By law, this must be based on actual costs.
There are various marketing options to consider, such as:
– Internal, External and Drone Photography.
– Property and House Plans show potential buyers the exact layout of your home and property.
– Internet Advertising on platforms such as RealEstate.com.au, Domain.com.au, Facebook.com, Instagram.com, etc.
– For Sale Sign on the street is still essential to attracting potential buyers. Even though many buyers start their search online, they often drive around neighbourhoods to see what’s available.
A simple fact: Not having a For Sale sign can significantly reduce the number of people who see your property and may be interested in buying it.
4. PREPARING AND APPROVING THE FORM 6 AGREEMENT WHEN SELLING A GOLD COAST PROPERTY
A Form 6 Agreement is a document provided by the Queensland State Government. It outlines all relevant details of the property sale, including the marketing budget.
Our administration team will prepare this form for you and send it for your review and approval.
5. PAYING THE MARKETING BUDGET FOR YOUR GOLD COAST PROPERTY
Once you have approved the Form 6 Agreement, the next step is to pay for the marketing budget that you have chosen.
6. STARTING THE ADVERTISING PROCESS
Once your payment is received, the advertising campaign will commence.
Advertising strategies will align with the choices you made within your marketing budget.
7. MONITORING MARKET RESPONSE
If your property hasn’t received offers within 30 days, don’t assume there’s no interest.
It often means the price isn’t aligned with what buyers are willing to pay at this time.
This is your signal to review and adjust your pricing strategy so your home remains competitive and receives the attention it deserves.
8. ARRANGING BUYER VIEWINGS
When buyers express interest in your property, viewings will be arranged to allow them to see your home in person; you need to be away from the property during these viewings.
This helps potential buyers feel relaxed and visualise themselves as the new owners, thereby forming a deeper connection with your property.
9. CONSIDERING A BUYER’S OFFER
When you receive an offer on your home, it means a buyer is serious and ready to move forward at a certain price.
This is a key moment in your selling journey. Take the time to go over the offer carefully.
Look beyond the price; check the terms, conditions, and settlement timeframes. Make sure it works for you before accepting, countering, or declining.
10. ACCEPT, COUNTER, REJECT
When an offer is presented, you will need to respond by accepting, countering, or rejecting it.
Accepting locks in the agreed-upon price and terms.
Countering proposes changes and initiates further negotiations. If countering, present revised terms clearly; open, respectful communication is key for a smooth sale.
Rejecting means the offer is unacceptable; in this case, respond promptly and professionally, explaining your reasoning for the decision.
11. YOUR LEGALITIES
When you finally accept an offer, you will engage your conveyancer or solicitor to facilitate the legal requirements to complete the sale.
If you are part of a Body Corporate, you will need to provide a Disclosure Statement from them.
Your solicitor will use PEXA to settle your property. Part of the process requires Verification of Identity. Also, anyone selling a property must complete an ATO Clearance Certificate.
12. BUYER’S DEPOSIT
The buyer’s deposit is a crucial step in the property purchase process; it will be held in the agency’s Trust account.
This is a tangible expression of the buyer’s commitment to purchase your property.
13. BUILDING AND PEST INSPECTIONS
Typically, a buyer will arrange for a building and pest inspection report to be completed, usually within 14 days of the contract date.
Additionally, they may have the contract subject to finance, which is generally applicable for 21 days from the contract date.
14. COMPLETING YOUR GOLD COAST PROPERTY SALE
Based on the outcome of the building and pest inspection report, as well as any finance being sought, the buyer will proceed with their offer or withdraw it.
At this point, the sale either falls through or becomes unconditional.
15. LOOKING FOR YOUR NEW PROPERTY
If the sale becomes unconditional, it is time to start looking for a new property. Remember, there is no need to rush.
It is essential that you take your time, as this needs to be a very considered purchase.
Your new home is of substantial value and can be costly if you change your mind. Something you may want to investigate is Short-Term Bridging Loans.
16. ALTERNATIVES YOU SHOULD CONSIDER
An alternative to seriously consider when deciding where to live between selling and buying is renting while you look for a new property.
Renting for a short period gives you breathing room; it allows you time to clear your head, make a confident, considered decision, and ultimately buy where you truly want to live, with no pressure or panic.
17. TIME FOR YOU TO MOVE
Leaving your home opens doors to a new chapter full of new beginnings. Embrace the excitement of a fresh start and cherish the memories you’ve made.
Every box you pack brings you one step closer to a new adventure full of possibilities that lie ahead.
18. YOUR SALE CONCLUDES
The culmination of the property sale is settlement; it marks the transfer of the property to the new buyer.
As the final chapter concludes, this marks a sense of achievement: your property has now SOLD.
19. YOUR FUTURE OPTIONS
If you have chosen to rent, you will continue to look for and eventually purchase a property, apartment, or perhaps even buy land and build; now there’s something to consider.
20. TIME TO UNWIND AND MAKE YOUR NEW HOME YOUR OWN
As you unpack and furnish your new home, embrace the gradual process of creating your haven.
Enjoy the transformation, one room at a time.
Relax in the tranquillity of your surroundings and immerse yourself in the gentle sounds of your new neighbourhood.
Explore the nearby parks and cafes; enjoy the unique charm of your new community.
Remember, settling in is a journey in itself; it’s not a race. Embrace the process of creating a home that reflects your unique style and personality.
Whether you’re downsizing, relocating or just ready to move on, I’ll guide you through every step of selling your Gold Coast home with confidence and ease.
Navigating the intricacies of selling your property can be complex, but it doesn’t have to be.
My 20-step guide provides a simplified general overview; as you would naturally expect, your steps may vary.
Author – Craig Douglas
Are you ready for a conversation about selling your Gold Coast home?
Let’s get you Selling
LET’S GET YOU SOLD
Craig Douglas 0418 189 963
Professional | Knowledgeable | Experienced
You can find me working at a Boutique Real Estate Agency
These are just some of the suburbs that I proudly sell homes in:
Nerang
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.
This page was proudly created by Craig Douglas, your local independent Gold Coast real estate agent, working for a Boutique Real Estate Agency. Selling residential and commercial properties, from those that are awe-inspiring, through to a diamond-in-the-rough, otherwise known as a “renovator’s delight“.
I negotiate and sell on behalf of property owners who want to get the best possible price with the least amount of hassle. Let’s talk about the process of selling your property over a coffee to get you started – 0418 189 963
