Why should you get a LIM Report?

Jim is a client who has recently signed an agreement to purchase a section...
Why should you get a LIM Report?

Jim is a client who has recently signed an agreement to purchase a section. It was recommended (by Vicki) that he get a LIM Report. He was reluctant to incur the cost on what was essentially a bare piece of land. At Vicki's suggestion, Jim went ahead and got the LIM Report.

The LIM Report contained a letter from the Council advising that the property could not have a house on it without the owner first paying to move and re-pipe a drain that ran through the middle of the property. If Jim hadn’t got a LIM he never would have known this and potentially would have been unable to build on his section, or would have had to incur significant extra cost to move the drain. Jim was able to cancel the Agreement and went on to find a more suitable section to build on.

For advice on all aspects of buying and selling residential properties (including LIM Reports) contact Rachael or Vicki on 07 872 0560.

By
Rachael Tyler
Registered Legal Executive

More Articles

Farm Debt Mediation
July 2, 2020
Farm Debt Mediation

If you are a farmer, from 1 July 2020, farm debt mediation may provide options for dealing with creditors.

Read Article
Legal Housekeeping: Contracting out Agreements with Kirsty
June 4, 2020
Legal Housekeeping: Contracting out Agreements with Kirsty

Do you and your partner need a contracting out agreement (otherwise known as a prenup)?

Read Article
Legal Housekeeping: Trusts with Shelley Vol.2
May 20, 2020
Legal Housekeeping: Trusts with Shelley Vol.2

Join Shelley as she discusses whether or not a trust could be of value to you.

Read Article