I have just started a new retail shop and I am having to get my head around my legal responsibilities. There is a lot to consider when you are employing people as well as having customers and suppliers interacting with your business every day. We are a successful business and part of staying successful is making sure that the business is set up correctly and that we look after everyone involved legally. This blog has tips for new retail store owners to help them understand what legal issues they can manage themselves and when it's time to get advice from a lawyer.
For generations, parties to a real estate transaction would need to come together in a central office to finalise their arrangements. This was known as "settlement day" and would typically occur at a lawyer or conveyancer office with many individuals in attendance. Yet it was only a matter of time before technology would take over and make such a process largely redundant. So if you're getting ready to buy or sell a property for the first time, you may now be able to do that remotely. Certain formalities will still need to be addressed, which will involve verification of identity, so what do you need to know about this procedure?
The Avoidance of Fraud
The Australian government has stringent rules in place to ensure that all real estate transactions are above board. To do this, they insist that all parties to the transaction are known and go through a formal identification process along the way. The responsibility for administering this process will typically lie with your conveyancer, who must assure the Land Titles Office that they have performed the necessary work before any deal can be settled.
Verify Identity
Typically, you will need to meet with the conveyancer in a face-to-face interview and produce certain identification documents. For example, you should present a driver's licence or passport, although a birth certificate, Medicare card or marriage certificate may also be accepted. Expect the conveyancer to take copies of these documents, which will be lodged on file.
If you don't have any of these documents for some reason, you may still proceed if you can produce someone else who can verify your identity. This person will be known as a "declarant" who will need to provide their own identification documents.
Other Alternatives
If you are unable to get to your conveyancer's office, you may be able to take care of these formalities at a post office. However, you may need to pay a fee to do this and should discuss your needs with a conveyancer first.
Points to Remember
Remember that the other party to the agreement must go through a verification process at their end. This procedure will also be applicable for those signing on behalf of an incorporated body or those who may need to produce a power of attorney to move forward with any transaction.
Any Other Questions
Should you have any questions, get in touch with your conveyancing solicitor. They'll explain the procedure and take care of the formalities.
Share6 January 2023
