Why Life May Now Be a Little Easier for Property Investors
Posted on: 10 October 2019
Technology is helping to make life so much easier in almost every area. You can work remotely from home with a broadband Internet connection, send money to a relative in a far-off land within minutes, or order virtually any type of product through a major retailer and have it delivered the next day. This type of freedom may also make life a lot easier for a real estate investor who wants to buy a number of properties in other states and territories, due to recent changes in the world of conveyancing. If you are about to embark on this type of journey, what do you need to know about the latest approach?
Making Life Easier
Your long-term investment strategy is to buy several properties and to rent them out for some passive income. This is only part of your plan, however, and you have plenty of other projects to take care of on a daily or weekly basis as well. Consequently, you would like to make the process as simple as possible, and would like to cut down your travel time as much as you can.
Due to the recent changes, you may not have to make as many trips to close on all of those buildings once you have verified your identity and gone through a certain process with a conveyancer like those at Johnson & Sendall.
Protecting the Parties
The Australian government has introduced a process that can verify an identity using certain documents, with the intent to protect the entire process from fraud or any other illegitimate intent. They want to ensure that they control money laundering as much as possible so that they can protect both the seller and the buyer as each property changes hands.
Remote Processing
This has led to the introduction of "e-conveyancing," which allows the parties to finalise the entire transaction without needing to gather together in one room. This will be particularly advantageous in your case, as it means that you will not have to travel, every time that you close on a property.
Verifying Identity
Before you proceed, you will need to provide certain documents so that the conveyancer can identify you. These can include a birth certificate, a proof of citizenship or resident visa, a passport, and a driver's license or state identity. You should check with your conveyancer to see what he or she wants so that you only have to go through this with them once — when you use the same conveyancer for all your transactions in the future.
Taking Action
Talk with your conveyancer to get a list of the documents so you can start to put the process in place right away.
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