A LIM ( Land Information Memorandum ) is a written report by the local territorial Authority that includes a detailed history of a properties land and its buildings. It is invaluable in checking for potential issues which may affect the site, as well as any future developments in the nearby area.
We recommend all Agreements be subject to obtaining a LIM and a buyer being satisfied with it, before they finalise their purchase.
If a property is on a Unit Title, it will have a Body Corporate. This most commonly applies to apartments and units and it’s intent is to group together all the owners as a single entity.
The Body Corporate is administered by a Body Corporate Manager who is responsible for the management and maintenance of the entire building, common areas, etc.
Each of the owners of the units pay an annual levy to a fund to cover general maintenance, gardening, Insurance, as well as any major repairs which may arise.