Damon and Olivia are first home buyers and are looking at purchasing a home in Wellington.  They have been told by friends that they should include a condition about getting and approving something called a LIM report about the property in their Agreement for Sale and Purchase.

They didn’t even know what a LIM report was, let alone why they would need one.  The Real Estate agent involved then mentioned something called a PIM report and they were not sure what would be best for them.

So what are they?

A Land Information Memorandum or LIM is a report from the local Council that summarises all information the Council has about the property and the surrounding area. It includes things like building consents for the property, flooding and erosion risks, and resource consents for surrounding areas.  These reports generally take around 10 working days for the Council to issue.

A Property Information Memorandum or PIM is a report that has similar information to a LIM report but is limited to information about the particular property, and not surrounding areas.  This report generally takes 3 working days for Council to provide. It is cheaper than a LIM but has less information.

Which report is best for you will depend on what information you need or would like to find out, and your required time frames.

It is best to talk to your experienced property lawyer before you decide which report is best for you, to ensure that it is properly included as a condition, and indeed before you sign an Agreement for Sale and Purchase generally.