Received a “free” LIM? Know the risks!!
When purchasing a property, it’s advised a purchaser obtains a Land Information Memorandum Report (also known as a LIM Report). A LIM Report can be obtained from the local authority for a fee, and contains valuable information about the property such as soil contamination, plumbing, drainage, consents, licences, permits, rates, and zoning. When a property is being sold at auction, the real estate agent will often obtain a LIM Report and make it available to potential buyers.