If you have recently bought or sold a property you will already be aware that the anti-money laundering legislation (AML) has come into effect for lawyers & conveyancers as of the 1st of July 2018. We have been upskilling around it this week so that we are ready when it comes into effect for the Real Estate Industry as of the 1st January 2019.
What does this mean for you?
Lawyers & conveyancers have to verify the identity of their clients in the form of a passport, drivers licence etc. and we will need to do this for our vendors at the time of listing new properties too. It’s relatively straight forward and won’t hold up anything at the time of listing your property but when buying a property it could mean that the paperwork takes longer so it is recommended that you contact the lawyer you have chosen to act on your behalf as soon as possible to have your identity verification completed. It used to be that often people would nominate a lawyer or conveyancer at the time of making an offer, it would now be a good idea to engage them at the start of your buying journey so that when an offer comes to their desk your identity has already been verified with them and this doesn’t hold things up as they usually won’t be able to undertake any work for you until this has been taken care of.
You can download the REINZ information sheet here:
Anti-Money Laundering Legislation Information from REINZ 127.15 KBAnti-Money Laundering Information Sheet from the REINZ ...