How to Buy a House Privately

Making an Offer

Engage a Solicitor! Before you sign a Sale and Purchase Agreement – you should seek legal advice - once an offer has been signed by you and accepted by the vendor it is difficult to alter the agreement.


Your Lawyer will:
  • Give you advice on your Sale and Purchase agreement before you sign it
  • Arrange LIM report and title search
  • Give you advice regarding issues identified within the LIM and certificate of title
  • Liaise between yourself and the vendors solicitor in the event of any issues
  • Confirm with the vendors solicitor when conditions have been met
  • Review mortgage documents
  • Witness signing of mortgage documents
  • Manage payment of funds on settlement day

Builders Reports

A clause that is often added into a sale and purchase agreement is a Builders report clause. In the event that the report reveals problems that you are unhappy with it leaves you the right to walk away. Sometimes the clause that is added with respect to the builders report gives the vendor the first right to remedy the problems. In this case if problems are found the vendor can choose to fix the problems, you then must proceed with the purchase if the problems are fixed satisfactorily.


Lim Report?

A LIM report (Land Information Memorandum) is a summary of information that the district council holds on a property. When you apply for a LIM, the council will prepare a report that may include the following property information:

  • Special features of the land characteristics
  • Private and public storm water and sewerage drains
  • Rates that may be owing in relation to the land
  • Information concerning building, plumbing/drainage, and resource planning -consents (including notice, order or requisition affecting the land or any building)
  • Any information which has been notified to the council by any statutory organisation in terms of any other act

LIM reports typically cost between $200 -$300. You can find out more directly from the council or ask your lawyer who will know costs about organising a LIM report. There is no legal or bank requirement to obtain a LIM report, however it is strongly recommended that you do.

 

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