Do I really need to get both a LIM and a building report if I’m buying a house?
Belinda Moffat is the Chief Executive of the Real Estate Authority, the independent government agency that regulates the conduct of real estate professionals. Here, she answers your home buying and selling questions.
Q: Hi Belinda, I found a property that I want to make an offer on, and my friend told me to make sure I get a LIM report and a property inspection. What’s the difference, and do I really need both?
A: Buying any property can be one of the biggest financial decisions many of us will ever make, so it’s a really good idea to learn as much as you can about a property before making that kind of commitment.
You want to be able to negotiate from a position of confidence and to avoid unforeseen (and potentially expensive) issues. This is particularly so in the current market where price and availability of purchasing options is changing.
A Land Information Memorandum (LIM) is a report prepared by the local council at your request. It provides a summary of the current property information held by the different council departments on the day the LIM was produced.
Source: STUFF
