Strict Verification of Identity (VOI) requirements have been in place since January this year, yet many sellers begin the settlement process unprepared for the identification requirements.
In many cases, this is because sellers simply aren’t aware of which documents they will need to present to proceed with settlement. Without the required documents on hand, some sellers are forced into a last-minute scramble to find or apply for new documents before settlement date – or risk a delay in settlement.
In this email, I’ll go over the requirements to help you understand what options sellers have when it comes to VOI.
To comply with the VOI requirements, sellers must provide all required documentation from any one of Landgate’s five categories of identification. The five categories are illustrated in the following table:
So for example, if a seller has an Australian Passport, one way they could fulfil the VOI requirements is to present their passport and Driver’s License (and their Marriage Certificate/Change of Name certificate, if required).
If, for example, a seller didn’t have a passport but did have a proof of age card, one way they could fulfil the VOI requirements is to present their Proof of Age card, Birth Certificate and Medicare card (and their Marriage Certificate/Change of Name Certificate, if required).
By informing sellers of the documents they’ll need to provide ahead of time, you can help ensure that your clients have time to find or apply for new documents if necessary. Sellers who come prepared for the VOI process maximise the likelihood of a smooth, hassle-free settlement.