LIM stands for Land Information Memorandum. It is a report provided by the local city council outlining all the relevant information it has on a property. While it is not a legal requirement to review the LIM before purchasing a property, we strongly advise that you do.
The information may include things like:
- The features/characteristics that are known about this particular piece of land your interested in. If there was a known issue, such as the potential for the land to slip or erode, this document would inform you of it.
- It would contain details of where the private and public storm water and sewerage drains are laid.
- Information on resource and building consents (important if you notice there are newer extensions, builds on the property)
- Details relating to rates, including any that may be overdue.
- Insight into the surrounding properties and what has been consented within the area.
The LIM may already be available through the Listing Real Estate Agent, if not you or your solicitor will need to apply to the local council for it. It will cost between $200 – $400, but it is money well spent to prepare you more fully for what you will be taking on if you are to become home owner of the property.