Property Conveyancing Insights: Don’t Leave Verification Of Identity To The Last Minute

In a conveyancer-ruled universe, the moment the seed of ‘maybe I should buy a home someday’ enters your mind, we recomminding making contact with your local conveyancer here at Mildwaters Byrth Lawyers & Conveyancers.

If you are thinking something like, “I might want to buy a house… eventually. Maybe. Possibly in the next decade,” I would respond, “Excellent! Let’s get your verification of identity done now, and discuss potential easements and encumbrances on properties you haven’t even considered yet!”

While this scenario is a bit exagerrate, as a registered conveyancer I can say there is a kernel of truth in it.

Many people don’t realise that verification of identity can sometimes be challenging if you don’t have the right documentation ready.

Some clients discover they need to order a new birth certificate or update identification documents, which can take precious time during the already stressful buying process.

If conveyancers ruled the world, vendors too would be a step ahead by applying for their ATO foreign residence withholding clearance certificate the moment they even considered selling.

If you’re up to date with everything, including your income tax returns, the certificate comes through within a day or two.

But sometimes it can take a week or more, so we tell all vendors to apply for it as soon as they’ve either listed the property or signed a contract.

Without this certificate, settlement can be delayed or vendors might face withholding tax.

Another common pitfall with property transfers is misunderstanding the cooling-off period, which starts when you receive the Form One from the agent, not when you sign it — so you should forward that Form One to your conveyancer immediately for review before making any decisions.

If you’re considering buying or selling property on Yorke Peninsula, contact us at the Mildwaters Byrth Lawyers & Conveyancers Kadina office on 8821 2199 or Minlaton office on 0448 725 447.

– Anna Przibilla