Despite lack of media coverage, Landgate Verification of Identity process still fails to link the real seller to the property.
As a knee jerk reaction by Commerce and Landgate to ministerial pressure of stopping Real Estate Fraud in WA, Commerce intiated 100 point ID check of all sellers for WA property. Landgate further restricited what ID could be used along with who could do the ID process but remained VERY silent on how to link the seller to the property. Whilst placing onus on Solicitors/Lenders and Conveyancers in WA to be reasonably satisifed of that fact.
What many people may not know, that Property fraud in WA continues even with proper ID checks being conducted.
The problem lies in linking the authority of the seller to the land. Since any fraudster can easily obtain fake ('but still real looking') ID, unless that ID is linked to the sale of that land they could pretend to be anyone and sell anyone's property.
Landgate have offered a caveat that can only be removed by Seller in person with proper ID. But currently only solicitors or public direct can prepare this document. It causes all sorts of issues if the seller is unavailable to present themselves in Person at Landgate for it's removal!!!
It has been suggested that Landgate as the registrar of Titles in WA utilise a "notice of intent" be registered along with ID that can then be searched by all parties of the transaction to satisfy that if contract for the sale of land in WA where to hit a solictitor, conveyancer or lenders desk they could check that the registered proprietors have been properly Identified and linked and to the WA property.
Concerned it could happen to you? Think about obtaining title insurance. Call A1 Conveyancing for a quote on existing or new ownership (with your settlement) title insurance policy. You might also like to consider signing a "Fix the gap stop RE fraud" petition here....http://www.gopetition.com/petitions/fix-the-gap-stop-re-fraud.html or http://goo.gl/Z7eQWE
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