Have you noticed how easy it is to transact business online these days? You can buy virtually anything digitally and never have to visit a high street store, so long as you have a credit or debit card and can receive the goods from a courier. Is this the ultimate scenario for the lazy Australian, or is it simply the way that life is intended to be in the future? Maybe it's a little bit of both, but digital transactions are becoming prevalent in all walks of life and even in the house-buying cycle. How are regulators striving to ensure that a transaction as important as a house purchase is handled correctly, with an eye to fraud?
You may be in the market to buy a property in a different city or state, and this could be part of a long-term investment strategy, for example. You may have travelled to the location and have seen the property in question but have now returned to your home base. In the past, you may have had to make the journey several times and especially when you were ready to close on the particular building. However, today you don't need to do this, so long as your conveyancer helps to verify your identity.
Protecting the Transaction
As you may know, federal and state governments go to great lengths to ensure that house buying is regulated and that the funds used are legitimate. They want to ensure that the "bad guys" do not invest their money in property through a process of money laundering and also want to protect both buyer and seller from any devious transaction.
With e-conveyancing the wave of the future, rule-makers have introduced a procedure to help verify each key player before any funds are distributed or title certificate issued.
What Proof Is Needed?
You should be ready to prove your identity without any doubt at all and should produce your driver's license or state identity alongside your passport or proof of age card. You may also be asked for your birth certificate, resident visa, proof of citizenship or descent certificate. However, you can also provide other documentation such as a Medicare ID card or a Department of Veteran Affairs number.
This may seem a little cumbersome to you at the outset, but your conveyancer is legally obliged to check this detail once and keep it on record. You don't need to repeat this chore, however, and every part of the process can be handled virtually from here on.
Ask your conveyancing service to help you gather the important details together so that you are ready to move on your particular property as efficiently as possible.Share