Key things you need to know about LIM reports

Obtaining a Land Information Memorandum (LIM) report can be a crucial step in purchasing a property.
Key things you need to know about LIM reports

Obtaining a Land Information Memorandum (LIM) report can be a crucial step in purchasing a property.

LIM reports are provided by the local Council. You can find out how to apply for a LIM report by visiting the local Council website. Some Councils have an online application and payment process
available.

Things to look out for when reading a LIM report:

  • What the authorised planning uses for the property are, and whether there are any
    proposals to change these;
  • Whether there are any difficulties in finding a firm footing for foundations;
  • Whether the Council has raised any requisitions in relation to the building or its use;
  • Whether the area is prone to issues such as flooding, erosion or subsidence;
  • Whether there are any rates arrears for the property;
  • What Consents and Code of Compliance Certificates have been issued for building work
    completed at the property;
  • Whether the property is connected to a Council sewer;
  • Whether the property is connected to town supply water.

Obtaining a satisfactory LIM report can be included as a condition in your Agreement for Sale and Purchase. Make sure you allow at least 15 working days to give you sufficient time to receive and
consider the LIM report.

A LIM report must be supplied to you within 10 working days of the Council receiving your application. There will be a fee for the LIM report and this varies from Council to Council. Most Councils also offer an urgent LIM report service with a reduced timeframe for an additional cost. The purpose of the LIM report is to give you all the information the Council has on the property in a readily accessible form so that you, as the purchaser, can make an informed decision about whether you wish to proceed with the purchase.

A LIM report is an important condition in an Agreement for Sale and Purchase. If you have any doubt, you should always talk to us as soon as possible.

By
Rachael Tyler
Registered Legal Executive

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