New rules are now in place for property buyers and sellers bringing greater peace of mind that their sale or purchase is better safeguarded, minimising the incidence of fraudulent transactions.
Importantly, verifying the identity of buyers and sellers – similar to the checks banks undertake – applies to new electronic property transactions as well as traditional paper-based settlements.
Mike Cameron, Property Exchange Australia’s (PEXA) Group Executive Operations, said adherence to the strengthened rules would be further bolstered with a third company, IDSecure, now also verifying the identity of property buyers and sellers on behalf of lawyers and conveyancers.
“With more than 2,000 lawyers and conveyancers now signed up to PEXA to transact property online, a growing number will look to agents who specialise in verifying their clients’ identities,” he said.
“National verification of identity provider, IDSecure, brings the property, mortgage lending and banking sectors a third service offering in addition to Australia Post and ZipID.”