Verification of Identity for property buyers & sellers
Verification of your identity is now an essential component for buyers and sellers of property.
When you buy or sell a property, or borrow money from a bank, your identity needs to be formally verified.
The process was changed for Queensland on 1 March 2016.
As the processes for legal and financial transactions are increasingly moving to online platforms, the need for a robust identification process increases. Your lawyer or your Lender will explain the process as it applies to you.
You will need to produce original identification documents. Without sufficient documents, you won’t be able to complete the transaction – and the process will be delayed until you obtain the documents.
The process will take a little more time, and a small fee will be payable.
When you obtain your identity certificate, retain it as it can be re-used for up to 2 years. The company that verifies your identity and supplies the certificate must retain copies of your documents for 7 years!