Making an offer with special conditions
The Special Conditions of your offer practically relate to the title, location, value and condition of the property you are purchasing.
An inspection by a qualified building inspector is an essential part of your due diligence. It is highly recommended that you accompany the building inspector. This will allow you to see both the good and bad points of the property and put into perspective any issues that may arise from the inspection. You will probably need to consider items of deferred maintenance, their likely cost and when these repairs will become essential.
Visit Realsure or Capital House Inspections to learn more.
It is likely that the Lender will require a Registered Valuation by a qualified valuation professional. The valuation report is typically around 6 pages of useful information about your new home, including a thorough description of building materials used, a copy of the title search, a “walk through” analysis of your home, including land and dwelling area, and comparable sales information in the area. For more information please email Lockwood & Associates Ltd.
Title Search and Land Information Memorandum(LIM report)
Searching the Title and the decision on a LIM report are issues that you should discuss with your solicitor at an early stage during the purchase.The Title Search will clarify if there are any issues relating to the legally described land or section that you are purchasing.
The LIM report in Wellington takes up to 10 working days. The LIM report is issued by the local council and is an examination of their records on the Section and Property. It covers information such as whether the house complies with the building laws, and has been “signed off” by the Council.
It is optional to obtain a LIM report, and is more important with some properties than others (for example, where there have been extensive renovations). Please contact Wellington City Council for more information.