What is a LIM? And why should you check it before buying a property?
The LIM (Land Information Memorandum) is a report the council can prepare for you on request, summarising important information they hold about a particular property such as:
- Building consents or permits previously issued
- Erosion or flooding issues
- Zoning details
- Stormwater and wastewater drains
- Heritage NZ protection
- Rates owing on the property
If you discover any major issues (like unconsented work or land instability) that could detract from the property’s value or cause headaches during renovations later down the track, you’ll be able to negotiate a price with this in mind. Or, you can steer clear of the property altogether.
You can apply directly to the council for a LIM or ask your lawyer to obtain one and review it for you.
Note: This post is brief and general in nature. You should not treat it as legal advice and should seek professional advice before taking any action in relation to the matters dealt with in this post. Armstrong Murray accepts no liability for losses suffered by any person or organisation who may rely directly or indirectly on this post.