CONTRIBUTED BY BECKY MCKAY, ASSOCIATE – 3D LAW SOLUTIONS
As a lawyer, I often get asked for tips to make stressful, admin-heavy processes easier. This might be about a business structure, navigating estate planning or administration, or buying or selling a house. My first answer is always “get good legal advice!” My second? “Make sure your identity is correct from the start.”
It sounds simple, but it is easy to get caught out with the wrong name. Whether it is a typo, misspelling, or a nickname creeping into the paperwork, having a name that is not your full and correct legal name (identical to your photo identification documents) can cause all sorts of headaches. Your loan application may be delayed or refused adding cost or delays. If you are purchasing through a company or trust (such as a Self-Managed Superannuation Fund), you may face tax or legal implications if you purchase with the wrong entity. More broadly, if the name on the title and the name on your Will or Enduring Power of Attorney don’t match, your loved ones can be left trying to prove that they have authority to act; and if you ever want to sell the property, there may be issues with identifying the correct owner.
To protect yourself through your property transaction, carefully check the spelling of your name on every document. Make sure it is correct and matches your identification and includes all middle names. If you ever change your name or notice a discrepancy, act immediately. Update all of your documents, including the title of your property, your photo identification and your estate planning documents.
Most importantly, if you are going through a property transaction, please remember my first tip: get good legal advice!
