VOI Webinar Q & A

The following questions were taken from our recent VOI Webinar which had over 500 attendee's.

 

Q: What is a Subscriber?

A legal entity registered to use an ELN to complete conveyancing transactions electronically, as or on behalf of, a Transacting Party. 

 

Q: What do I do for verification of identity of clients overseas?

Where a  client is overseas, the Subscriber needs to decide what steps to take to verify the person’s identity having regard to the available services and options under the circumstances. One available option is to utilise the services of an Australian Embassy, High Commission or Consulate coupled with any necessary further steps in order for the Subscriber or mortgagee to be reasonably confident in the person’s identity.  If they have an Apple device registered with the Australian App Store you have the option for the use of IDfy remote verification.

 

Q: Can a JP be a person to do the verification?

Anyone can use the Verification of Identity Standard. However, for it to be deemed reasonable steps the Standard must be properly carried out by one of the following categories of people: Subscriber; Mortgagee; or Identity Agent

 

Q: With the OSR rule are we going to need originals also?

The VOI is an LPI requirement.  You still require the required documents for OSR.

 

Q: Do you need to get the VOI for both vendors and purchasers?

Yes, both the vendor(s) and purchaser(s) are required to be verified.

 

Q: Does the client need to have an iPhone/Android and download the app as well?

No, it is only required on your phone (Android or iPhone) or iPad for an in person verification.  The client will only need an iPhone or iPad and the app downloaded in the instance of a remote verification (this is currently not available on Android) where you can use the video conferencing feature.

 

Q: What is the cost as a disbursement for each VIO via the app?

An in person verification is $9.90 and a remote verification is $10.90.

 

Q: What happens in the event of the contract being signed at the Real estate agent office and the contract is then returned to our office?

You are still required to verify the identity of the signer.

 

Q: Does the VOI standard apply to existing clients?

Yes.