Current Property News: Market Commentary

After a number of Perth property owners found their properties were sold without their knowledge while overeseas, WA Lands Minister Brendon Grylls has finally stepped in to protect absent home owners.

New anti-fraud measures introduced by Landgate now require all property transfers executed from oversees to undergo a 100 point identity check with signatures witnessed by an Australian Consular officer, and verification by at least two senior Landgate officers.

Property owners can also pay $160 to lodge a new caveat on their property to prevent registration of any change of ownership, mortgage or lease. The caveat can only be removed by attending Landgate’s office in person and undergoing a 100 point identity check, said Mr Grylls. 

These changes come after one Perth property owner lost their investment property in Karrinyup last year to scammers based in Nigeria, and just weeks after investigations began into another property sale in Ballajura which also occurred without the owner’s knowledge.

Landgate is also considering offering email alerts through its TitleWatch service to notify homeowners of any activity on the title deeds of nominated properties. This notice is designed to occur prior to settlement and the transfer of any title.

Mr Grylls commented, “While no-one can completely eliminate fraud, Landgate is working with industry to minimise the likelihood of further occurrences."

Landgate will now be reviewing all property transactions since September 13 last year, which could amount to more than 200,000 transactions.

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