When purchasing your first home there are three essential documents that you will need to source as part of your Due Diligience. The Land Information Memorandum report (LIM) is prepared by your local body council and contains information that you will need when purchasing a property.
A LIM report should include:
- Any special features of the land the Council knows about. This may include; the downhill movement, gradual sinking or wearing away of any land; the falling of rock or earth; flooding of any type and possible contamination or hazardous substances
- Information the Council holds on private and public stormwater and sewerage drains
- Rates information
- Consents, notices, orders or requisitions affecting the land or buildings
- District Plan classifications that relate to the land or buildings
- Any other classifications on the land or buildings notified to the Council by network utility operators in relation to the Building Act 2004
- Any other information the Council deems relevant.
In more recent times, there has been increase in the number of properties that have been used for the purpose of making methamphetamine (P). It is required by law for Councils to advise on the LIM whether a house has been used for the making of ‘P’. If uncertain, you are able to request testing to be carried out on any property you are intending to buy.
A LIM report can be ordered online and is also available from your local body council. Pricing ranges from $200 -$300 for a standard service report which should take about 10 working days. You can arrange an urgent service report that will cost between $300-$400 and will only take up to 5 3 working days.
About The Blueprint:
TheBlueprint.co.nz is one of the most popular educators in New Zealand to provide house buying guides and strategies through seminars and online learning for first time home buyers. Over the past two years TheBlueprint.co.nz has delivered their strategies to almost 1000 individuals assisting over 120 people into their first home.
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