The Council, LIM Report
You can gaurantee the buyer or his lawyer will go to the local body council to obtain a Land Information Memorandum (LIM,LIM Report) This provides information about the property, the land, any buildings on the property, and of course any un-permitted works on the property. By comparing the property and the LIM report these things become apparent. Also the buyer must be informed of any outstanding requirements that your local council have imposed eg. your drains must be fixed or altered to meet by-laws.
The Sale and Purchase Agreement will include all warranties and promises to the effect of not knowing of any requirements by the council including building permits where necessary!
The land area, the legal description of the property, and the rates will also be required by your lawyer and valuer
Typically, a LIM report will tell you about:
- Rates
- Land drainage and sewage matters
- Building consents that have been issued
- Is there a swimming pool? does it complie with fencing requirements
- Zoning of the property
- City or District plan, how it applies to the property
- Problems with flooding, fire, earthquake risks, hazardous substance etc
- some councils may supply a copy of the drainage plan showing known stormwater etc