Hi Guys,
This may seem a simple question, but I have been looking through the old posts re:reports.
People state ” building inspections, pest inspections and LIM”
What is a LIM?Thanks
Sue [
]“Be careful not to step on the flowers when you’re reaching for the stars”
A Kiwi thing. Only need it if purchasing a property in NZ.
Hi Fibejebe,
Sorry I should have mentioned that I was looking at the NZ posts.
Can you ellaborate on what it is? Please?
Thanks,
Sue []“Be careful not to step on the flowers when you’re reaching for the stars”
Hi Sue,
(LIM) = land information memorandum. A LIM is availble from the local district council and contains info concerning the property ie rates, water charges, stormwater drains, concents, certificates and any special features or characteristics that are knowen to the council.
Cost = $200-$300 and take 5-10 days.
Forms an important part of Due diligenceThank you Lazyboy,
I appreciate the reply []
In Vic, this sort of report forms part of the contract.(Section 32, I think)
I take it in New Zealand you have to source your own report from the council.
Thanks again, not-so-lazyboy,
Sue []“Be careful not to step on the flowers when you’re reaching for the stars”
you don’t have to. However depends on your level of due diligence. It can give you a reason to pull out of the deal if there’s something you don’t like in the LIM. I.e. no building planning permission for structure or fireplace (important insurance issue) – land used to be a dump, strip of land set for road widening, etc etc.
In a back issue of the KPI magazine there was a 2-3 page article on LIMs and what they tell you. usually they cost $100 plus and take a few days.
So you have to be ready to go with money to pay for it in advance to order one. Or else you have to have a lawyer or someone on the ground there to spring you the money and organise it.In smaller towns it is sometimes possible to get your (for example) builder’s report person to go to council in person and ‘look’ if there’s anything in the file. Sometimes they are able to take a look inside, other times, it’s just enough to say ‘look there’s something in the file, proceed with the LIM, or there’s nothing in the file, maybe you don’t want to proceed with the LIM.’
Someone mentioned people doing all this due diligence when purchasing cars. Well, i would agree that people don’t take the same care purchasing houses. If buying from overseas I would do MORE than the usual amount of due diligence and for me that’s almost always request a LIM.
The lawyer will look over it and tell you if there’s anything of concern.
cheers-
MiniHi sue,
the LIM isn’t as complete as a Section 32. The LIM only contains information that the council has on file. A Section 32 is put together by the vendor (or their solicitor) and should contain everything relevant to the property (body corporate info etc.).
I’ve got a couple of different LIMs here (as PDFs) let me know if you’d like to have a look at one to see what they contain.
regards,
Rod.
Thanks mini,
Great info as always (It was me that mentioned cars in another post [])
And Rod I would like a look at an LIM if you could email one to me I’d appreciate it.
Thanks,
Sue
diclem at alphalink com au“Be careful not to step on the flowers when you’re reaching for the stars”
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