interstate IP - local or interstate broker?

[s0805]

When buying a property interstate for investment, what do the brokers/conveyancers and investors recommend hire a interstate broker or use the one from your local city....

it makes sense to hire a local conveyancer but what about broker? Is it possible that if both are local they can work effectively.....

does it make harder for brokers to work for their interstate client and/or convenyancer....

just trying to figure out pros and cons from your experiences...

 

[Brady]

Use whoever you trust to look after you.

Clients of mine are interestate and o/seas these days don't have to be face2face for the whole process.

When purchasing interstate you will need to use interstate conveyancer, again no issues there. Conveyancers I've used for purchase in NSW haven't even been local to the property I was purchasing... 400km away.

And infact don't even go see the conveyancers I use locally in Adelaide unless it's to say hello, but no need to see them face2face for the purchase.

 

[Jamie M]

Makes no difference where your broker is located UNLESS you need/want face to face contact....which you can get via skype as well.

Cheers

Jamie

 

[tobe]

get a conveyancer from the state you are purchasing in due to the diferent laws in diferent states etc. broker can be local or interstate.

 

[Peter_Tersteeg]

Each state does have it's quirks but this tends to be more around the conveyancing process. Some brokers won't have as much interstate experience, but realistically these brokers aren't the ones who are catering to the investor. You probably wouldn't want to use them for building an extended local IP portfolio either.

Conveyancing does require a state based license (or similar). Outside of boarder towns, it's unlikely you'll find a conveyancer or solicitor who caters to more than their own state.

 

[s0805]

thanks a lot guys.....as you all are experienced and most probably would have interstate clients as a broker do you face any hurdles handling interstate client or their conveyancer.....what r the lessons learned if any for all parties...

 

[Peter_Tersteeg]

Only 3 instances come to mind where I've met the conveyancer of a client, even the local ones. We do all of our communications with the clients legal parties via phone and email so it's irrelevant to us where they're located. I didn't even meet the solicitor who handled my first 3 properties (all local to me) until after the third deal was complete.

For local clients, I'll meet a lot of them face to face which is great. It allows you to have a more interactive conversation. Even then, a lot of the work is done over the phone. I've got quite a few clients who simply ring up and say, "I've bought another one," and we just have a phone conversation and exchange some emails.

We deal with interstate and international clients all the time - it's really not a big deal. Many of my investor clients are purchasing property all over the country.

Dealing with people face to face is good, but to be honest the main advantage is that it allows the broker to make friends and instill confidence. As far as the technical process is concerned, it doesn't make much real difference.

 

[Hodge]

I'm from Melbourne and my broker Jamie is from canberra. Works very well for me as it saves a lot of time. Email has revolutionised communication.

Unless your broker is Jennifer Hawkins i wouldn't bother with face to face.

 

[peaches]

With over 14,000 customer inquiries and many hundreds of loans I never met a client face to face, in fact I never met any of my staff face to face in over 12 years.

We have clients all over Australia, UK, Middle East and Asia - this is the 21st century after all, although CBA haven't woken up to that as they have recently re-installed a face to face interview policy. All other lenders are happy to have Skype or phone interviews - although as in all things lender policy varies.

 

[Qlds007]

Agree with Andrew have literally dozens and dozens of overseas clients and when i am in the UK often catch up with some of them but away from that Skype, phone or email is the main way of communicating with both inter and intra state clients.

Yes don't you just love CBA change of policy.

Sets them back 5 years when the day before you thought they might be catching up with the rest of the world in paying commissions.

 

[Terry_w]

All other lenders are happy to have Skype or phone interviews - although as in all things lender policy varies.

How do you get on with ANZ? I had to get special permission to do a skype interview the other day with them.

 

[eKwatee]

I know in South Australia, more buyers and sellers will be needing to have a face to face meetings with their conveyancers, and buyers with their mortgage brokers, to verify their identity. The new Verification of Identity Policy is now in place in South Australia.

The Verification of Identity (VOI) policy provides a framework for legal practitioners, conveyancers or mortgagees to take reasonable steps to verify the identity of a party to a conveyancing transaction.

You need to have your identity verified face to face or have your verification identified face to face by a VOI agent.

from sa.gov.au website

Who is responsible for verifying identity

Verification should be conducted during a face-to-face interview between the verifier or their agent and the person being identified.

Legal practitioners and conveyancers are responsible for verifying the identity of their clients.
Mortgagees, lenders or their representatives are responsible for verifying the identity of the mortgagor or borrower.
Self-represented parties are responsible for ensuring their own identity is verified by an independent authorised person - eg Justice of the Peace, proclaimed police officer.

 

[peaches]

Yes you can always rely on State Governments to turn back the clock. WA and SA have similar requirements but there are some loop holes.

You know you can give evidence in court over video link, you can get expert medical advice over video. I set up a video conferencing trial across remote rural telecentres in 1996 using ISDN ... and here we are 18 years later and obstacles are still being manufactured.

Only a few weeks ago Australian Finance Conference called for an overhaul according to Banking Day they said ""The ability of our members to verify customer identity utilising electronic means, either at the outset of the provision of a designated service or at various points in its life, is essential."