Further to our email alert on 15 May 2013, the Registrar-General of South Australia has on the 24 June 2013, released a final version of the Verification of Identity (VOI) policy. This was after a process of public consultation.
The Registrar-General states that the VOI policy is being introduced for documents affecting South Australian land that was executed on or after 1 July 2013.
However, given the lateness of the release of the final policy, the Registrar-General has decided to implement a six month transitional period to enable the industry to make any changes required to their systems and processes. Full compliance will only be required for South Australian land documents executed on or after 1 January 2014.
The South Australian VOI policy is similar to the West Australian VOI policy. However, the policy document issued by South Australia is not as detailed as the West Australian policy document.
We have updated the comparison table of VOI policies and processes in the various jurisdictions in Australia (which was previously provided to you with our earlier alert) for your reference.
It can be accessed here.
With the introduction of the VOI policy, liabilities are imposed upon lawyers, conveyancers, lenders and their agents to make sure the identity of the signatory to a dealing with land is properly verified.
It is now time to put systems and processes in place to achieve compliance as soon as possible. This includes determining whether verifying agents need to be appointed.