A new VOI regime started in Victoria on 9 November 2015. This regime aligns all conveyancing transactions in Victoria with the VOI requirements for e-settlements.
This means that all lawyers, conveyancers and financial institutions must take reasonable steps to verify the identity of their clients and customers. Reasonable steps includes a face to face interview and verification of identity documents (e.g. passport and drivers licence). Similar VOI regimes have already been a requirement in some other states and for e-settlements.
VOI aims to reduce property fraud in the conveyancing industry. lawlab has had VOI requirements for some time and we are well placed to transition to these new requirements.
lawlab conveyancing currently works with the approved VOI outsourced providers Australia Post and ZipID and there will soon be an integrated solution within the Rundl platform (www.rundl.com). The ZipID service is a ‘come to you’ service and their police checked representatives will visit a client’s home (on their doorstep), workplace or any other agreed venue at a time that is convenient to the client. For clients who do not reside or work within ZipID’s serviced areas then they can visit their local Australia Post office. The VOI provider must hold the VOI report securely for 7 years as required by legislation.
VOI lasts for 2 years meaning that a client will only need to be VOI checked once every 2 years irrespective of how many property transactions they are involved in.