Why do I need to know the client's length of property ownership?
This information is useful as short-term ownership can be an indication of potential money laundering and it will assist in assessing the risk of potential money laundering. It can be cross-referenced against the date of purchase shown on the Title Register document to assist with assessing the risk.
Furthermore, most lending institutions will not finance the purchase of properties where the current owners have owned the property for less than 6 months.