Legislation is already in place in both WA and SA that requires lawyers, conveyancers and mortgagees to take reasonable steps to verify the identity of a party to a conveyancing transaction. As of 9 November 2015, updated VOI standards now apply to all paper instruments in VIC and for all mortgages in NSW. This also applies to QLD as of 1 March 2016.
The Legal Practioners’ Liability Committee (LPLC) recommend that all firms should be conducting a VOI for all new clients and the legal requirements require 100 points of identification as well as the requirement to acquire these documents in a face-to-face capacity.
New South Wales
9 November 2015, 1 May 2016, 1 August 2016
The amended Verification of Identity Standard as set out in Schedule 8 of the NSW Participation Rules took effect on 9 November 2015. The new LPI Conveyancing Rules are in effect as of 1 May 2016, with full compliance required on and from 1 August 2016.
9 November 2015
Requirements for paper and electronic conveyancing were aligned through determination of Version 1 of Registrar’s Requirements for Paper Conveyancing and Version 3 of the Operating Requirements and Participation Rules. Formalised VOI requirements apply to all paper conveyancing transactions as of 9 November 2015.
1 March 2016
The Land Title Practice Manual was updated to align with obligations under the Electronic Conveyancing National Law in the Queensland Operating Requirements and Participation Rules. All mortgagees, whether participating in paper or electronic conveyancing must take reasonable steps to confirm the identity of a mortgagor.