NSW VOI

Discussion in 'The Buying & Selling Process' started by dabbler, 17th Aug, 2017.

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  1. dabbler

    dabbler Well-Known Member

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    Hi All,

    This year have been pestered multiple times about VOI, been dealing with same company to do conveyance, they have certified IDs, but now are insisting on going to third parties ?

    What is the story, do you know, and why is it so important now, did something happen this financial year that is different to last ?

    Is this supposed to be one off and the govt stores it, or will every staff member and company be asking for this forever more, or is it something we keep.

    I love the way the NSW govt and others say they need to cut red tape to get more housing available & this year you now have to get certificates from ATO with certain transaction amounts , and now extra steps for ID.....backward.
     
  2. Scott No Mates

    Scott No Mates Well-Known Member

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    Have a look at infotrack.com.au

    I did a tutorial ages ago and have used it constantly ever since, not.

    SNM
     
  3. Dan L

    Dan L Well-Known Member

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    On and from 1 August 2016 a Licensed Conveyancer/Solicitor (Practitioner) must take reasonable steps to verify the identity of their clients. This has been introduced to purportedly alleviate the risk of fraud.

    The Practitioner can either:

    • apply the Verification of Identity Standard (this can either be done in-house or by a third party as you suggest - for an additional fee); or
    • verify the identity of a person in some other way that constitutes the taking of reasonable steps.

    The requirement for reasonable steps is to provide flexibility for the practitioner to use their professional judgement on what is necessary in any particular circumstance. The practitioner determines what steps are required to verify a person’s identity in any particular circumstance. What constitutes reasonable steps may be influenced by various factors that when taken into account contribute to a practitioner being able to reasonably have confidence in the person’s identity.

    Examples of these factors might include the length of time the practitioner has known the person or whether they have represented the person on previous occasions.
     
  4. dabbler

    dabbler Well-Known Member

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    What does that mean ? that no one is doing it ? it is not enforceable....

    I looked at last buy, was asked for same, but completed without.

    And what the hell does it only last for 2 years for, are we also now suspected of changing our IDs
     
  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Fraud prevention.
     
  6. dabbler

    dabbler Well-Known Member

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    As I suspected, they have our verified IDs, etc, have acted on many matters, bit late now to try and force this.

    I am sick of going to JPs etc, now I am expected to pay some twit at the post office after standing in line when I have provided certified ID copies many times by JPs.

    Bloody solicitors are all scared these days of litigation, damn world going mad (or sending me mad :) ) lol
     
  7. dabbler

    dabbler Well-Known Member

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    You mean punish the 99% + of honest people due to some worms who would happily supply false ID anyway, it is a crock.....
     
  8. dabbler

    dabbler Well-Known Member

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    Another measure to streamline property transactions.... :rolleyes::rolleyes::rolleyes:
     
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  9. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    No I don't think it is a crock... Imagine if someone sold your home and ran off with the money or borrowed against it and ran off with the money.
     
  10. dabbler

    dabbler Well-Known Member

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    I do not have to imagine.

    Punishing fraudsters would be a better option IMO.

    If the govt cannot trust, certified copies or in person passport, photo IDs etc, then sorry, it is a crock as fraudsters will bypass whatever is in place, they find the cracks, otherwise criminal lawyers would be out of business.

    And why so little posting here about this anyway ?

    is it not enforced ? is it a recommendation only ?
     
    Last edited: 17th Aug, 2017
  11. Dan L

    Dan L Well-Known Member

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    If your practitioner has acted for you many times and your identity has already been confirmed, then you should not be having to go to the post office every transaction to have your identity confirmed. If a practitioner is able to reasonably have confidence in your identity, then they may have taken the necessary reasonable steps.

    BTW this is not a recommendation but a requirement contained within the Conveyancing Rules as imposed by the Real Property Act and generally mirror the participation rules for Electronic Conveyancing (PEXA).
     
  12. dabbler

    dabbler Well-Known Member

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    So it is required from 1 Aug 2016, not 17 ?

    I am just curious why they are pushing it now.
     
  13. Dan L

    Dan L Well-Known Member

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    Should have been pushed since1 August 2016.
     
  14. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    Brokers, bankers, solicitors and conveyancers can also complete VOI. It doesn't have to be done at the post office. The challenge is it's not well integrated or standardised, so people are having to do it multiple times for different parties.
     
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  15. Martin73

    Martin73 Well-Known Member

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    Probably as a result of increased action from regulators - with any change to legislation of this nature regulators would (typically) in the first year of implementation initially focus on education of regulated parties and then progressively ramp up in response to compliance outcomes to formal warnings, suspension of rights and then prosecution when in the public interest.

    I went through a VoI process for my Toowoomba purchase in March this year as it was through a conveyancer I hadn't used previously - approximately $47 through Australia Post.
     
  16. dabbler

    dabbler Well-Known Member

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    Yeah, got it, but seeing been dealing since prior to that date and multi transactions, this should be seen as reasonable.
     
  17. dabbler

    dabbler Well-Known Member

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    This is the issue I see, but why should we expect anything legislated to be well thought out and streamlined and removing red tape elsewhere.

    Then you have lenders who do this, that and the other, all different, no standard.
     
  18. dabbler

    dabbler Well-Known Member

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    Have no problem with improving systems, but if you start some new red tape, something else should be removed, also it should become the new standard and pref. Federally.
     
  19. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    your a strange guy Dabbler!
     
  20. dabbler

    dabbler Well-Known Member

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    How so ?

    Cause I do not just accept anything thrown at me ?

    Because I challenge and question and discuss with a strong opinion ?

    Probably strange to you because most people probably buckle when in front of solicitors, officers of law etc.

    We had a system, if that system of doing ID etc can be bypassed, then so can this, it is not unlike many laws, where it only applies to the lawful, the outlaws do not care what laws are put in place. If questioning that and discussing is strange, then so be it. I wanted to know if I have to waste more time with this.

    I have not read up on it as yet, and bit surprised no one really apart from SNM had discussed it here.