Why Identity Verification Is Even More Important Today When Buying a Home

There is a reason why historians are calling the present time "the age of communication." It is becoming very easy to "talk" with people virtually, no matter where they are, as more time than ever is spent in front of a digital device. Some people think that technology will eventually rule out the need for travel altogether in the not too distant future, and you may be able to beam a hologram of yourself to such a location instead. Be that as it may, advances in communication are finding their way into many everyday and important transactions, including settlement during a home purchase. Nevertheless, you may wonder how this is approached from a security perspective, especially as there is so much at stake.

Avoiding Problems

While e-conveyancing is now a viable option, it has taken regulators a long time to get to this point, as they strive to make sure that everything is above board and legal. They may have been worried about identity fraud in a process that is purely remote and, as a consequence, introduced "verification of identity" procedures to satisfy any legal requirements.

Importance of Identification

Without this type of process in place, issues may well arise in the future, and challenges may be placed in a court to try and overturn a deed or contract. Consequently, the conveyancer on each side of the digital table will need to verify the identity of their clients and provide these documents in advance.

What Needs to Be Produced?

Usually, they will request specific documentation to show that the individual is who they say they are, is of legal age to enter into a contract, and has the right to be within the country from an immigration perspective. Typically, this will involve the presentation of a passport, driver's license, proof of age card and birth certificate, or resident visa in the case of an immigrant. Sometimes a Medicare or Department of Veteran Affairs card can also be produced as a backup document.

Paper Reduction – to an Extent

Certainly, the objective of e-conveyancing is to reduce manual processes and contain the amount of paperwork required, so that financial institutions and lawyers can do their work from a computer terminal with equal efficiency. However, these particular items of identification will need to be generated and distributed to all appropriate parties, so you should begin to gather them together and present them to your conveyancer.

For more information, contact a local conveyancing company.