Some more news as it comes to hand...
Further to previous overseas fraudulent sale occurrence and some "on the run policy" issue from Landgate there has been lengthy discussions with Landgate, the Department of Commerce, REIWA & AICWA recently to discuss the recent Landgate procedure changes along with further changes which will occur shortly to reduce the risk of identity fraud in property transactions.
There is a comprehensive approach being taken, guidelines and Code of Conduct changes will be announced shortly, including requirements for Real Estate Agents to identify clients prior to signing contracts and Settlement Agents identifying clients independently from Real Estate Agents.
There has been lengthy discussions which are ongoing to provide a practical solution to make the opportunity for fraud less, including further development of the governments National Document Verification System (DVS).
Details will be released shortly, the Institutes fought hard to ensure a practical solution and a lead in time for implementation.
It is also more than likely going to bring forward the deregulation of Settlement Agent fees (a requirement under National Licensing).
With regards an ETA from my understanding, the Minister has given 3 weeks for a proposal to be put together. The Code of Conduct changes have been sent to the Legislative writers and should take about three weeks. So I would imagine that within about a month the changes will be announced. So watch this space...
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