Is LIM required even if PIM available - Wellington

[jamesnz]

Hi there

The vendor has provided me with a copy of the Property Report from WCC
( Its a house on a fee simple section)

Do I need to pay for a LIM again to check the property records thoroughly by a solicitor?

Will the banks also insist only on the LIM before sanctioning the loan ?

what are the details missing from the PIM which are covered in the LIM ?

Thanks for helping

[RollingCloud]

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.
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.
A PIM is a legal requirement for all building work. For larger projects - major alterations, or new commercial or industrial buildings - the customer will find a PIM very useful in establishing the feasibility and design of the project.
Solicitors check titles and all relative to the title (instruments, encumbrances, consent notices, etc).

[Nick G]

Good reply from RollingCloud

Do you have a lawyer James, ask them what they would prefer to check and what the gaps are between the two reports regarding your specific property. It may cost you a few hundred dollars however you are spending a few hundred thousand.

[jamesnz]

Hi Nick

The problem was the 10 days required by WCC to issue the LIM, and the owner was selling as he required immediate funds for some emergency
Anyways, the owner has decided to postpone the sale as he has arranged for funds elsewhere

Thanks for helping