Verification of Identity is now a thing.

Verification of Identity is now a thing and clients who have had land transactions recently will have noticed that they were asked so show ID by their solicitor, even though they may have known them for years. Why is your  solicitor suddenly so interested in seeing your ID?

Laws around Real Estate Transactions have changed. New provisions targeted against identity fraud require solicitors to record the actions they take to identify a client for a real estate transaction. In most cases an Australian Drivers Licence and Passport are sufficient. The client is asked to sign a short form authorising the solicitor to act for them. This can be done in person or via an agent (who then sends a report to the solicitor).

The most questions centre around leases. Leases, from a legal perspective are a real estate transaction.

Your solicitor is not getting forgetful. Verification of Identity is now a thing and we are required to ask for ID if we have not done so in the last two years. So if you are asked again  in another couple of years, don’t worry. Its designed to protect us all from the fraudsters.