Many apartment buyers get a LIM report before signing the deal. It contains all the information the council knows about the apartment. A LIM report can show hidden problems.
The Local Government Official Information and Meetings Act sets out what has to be in the LIM report as follows:
- Special features of the property, such as whether it is subject to flooding, erosion or has the presence of hazardous substances.
- Information on storm water and sewerage drains.
- Whether there are rates owing.
- Information about building and resource consents, code of compliance certificates or orders issued by the council.
- Certificates issued by the building certifier
- Information about what use the land can be put to and conditions attached
- Information on building classifications such as the Historic Places Trust Information the council as given by the utility operations, such as a power or gas company.
What a Lim Report won’t tell you!
Lim Reports rarely contain everything you need to know so it’s important to also read the last minutes of the Body Corporate meeting. Bear in mind that every apartment builidng has it’s fair share of problems. You are just trying to avoid any major ones in your purchase!