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Rule changes could affect your settlement

There’s been some changes in the regulations regarding the transfer of property in Victoria which, (whilst they don’t seem to have attracted much attention yet), could have quite an impact on some home buyers and sellers.

These changes will mean that, if you are purchasing a property where settlement is due to take place after Monday November 9th this year, the Victorian Land Registry will not transfer the ownership of the property to your name until you have verified your identity.

It is anticipated that you will confirm your identity through your solicitor or conveyancer, however if you are not using one, the Land Registry will still require you to verify your identity.

If you have already purchased a property, and your settlement is due to take place on, or after, November 9th, you need to speak with your conveyancer or lawyer as soon as possible to confirm what you need to do to verify your identify.

If you leave this until the last minute, it could result in an unplanned delay of your property settlement.

Importantly, if you are selling a property, the Land Registry will require you to verify who you are before it will register a change ownership to the name of your buyer.

For those people planning on buying or selling in the near future, it is worth noting that you are not required to confirm your identity when you put your property on the market or sign the contract to purchase. This requirement relates specifically to settlement.

Readers will also be interested to know that these requirements relates to ALL buyers and sellers, whether they are Australian residents or not.

Again, we would urge anyone who has bought or sold property recently, and who is expecting to settle that sale on or after November 9th, to contact your solicitor or conveyancer as soon as possible in order to verify your identity and thus avoid any delays to settlement.