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Thread: Which page in the bid agreement are conditions for engineers report LIM, finance etc. Put ?

  1. #1
    Join Date
    Aug 2015
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    New Zealand
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    111

    Default Which page in the bid agreement are conditions for engineers report LIM, finance etc. Put ?

    Hi there

    Has anybody submitted a conditional bid in the standard Agreement for sale and purchase of real estate form ?

    As the vendor has given a builders report and a copy of the LIM, he has deleted the condition of LIM and builders report required in the cover page of the agreement (Conditions Clause 9.0)

    However, I still want to put a condition that I will get the LIM thoroughly checked and take a fresh builders report from my own agency only if my bid is approved.
    I do not want to spend $1,000 in these 2 items prior to bidding unless I am sure that I can get the house at my quoted price.

    Any idea where in the agreement i would put the over riding conditions that I do not accept the LIM and the builder Report at present and only after thorough check after winning the bid ,and I find it satisfactory i will remove the condition

    Thanks for advising

  2. #2
    Join Date
    Aug 2005
    Location
    West Auckland
    Posts
    1,029

    Default

    Quote Originally Posted by newbienz View Post
    However, I still want to put a condition that I will get the LIM thoroughly checked and take a fresh builders report from my own agency only if my bid is approved.
    yes, this is a very good idea. The real estate agent should tell you where to write in your conditions.

    If you haven't already, I advise you to read the REAA's guide for buyers, and to consult a lawyer before you sign an agreement:
    http://www.reaa.govt.nz/ForBuyersAnd...henbuying.aspx
    Buying a property may be the biggest financial transaction you will ever be involved in, with potentially significant costs if it goes wrong, so find out as much information as you can about the buying process – even before you start looking at properties

    ​Get a lawyer before you start the buying process

    When you make an offer on a property you will be asked to sign a sale and purchase agreement. This is a legally binding contract and the process can move very fast – so get prepared.
    ...

    Do your own research about the property

    You can ask the agent anything you want to know about the property and they can’t withhold anything they know. However, you shouldn’t rely only on their information and you should do your own research. Consider getting a property inspection report, Land Information Memorandum (LIM), and a title search.

    Depending on the property, other things to consider getting checked out are: weather tightness issues; possible p contamination; the condition of plumbing and wiring etc.
    Last edited by Oregonkiwi; 29th June 2016 at 12:14 AM.

  3. #3
    Join Date
    Jan 2010
    Location
    Auckland<->Penang
    Posts
    221

    Default

    When you put in your bid, it will be in the Sales and Purchase Agreement Form (assuming it is by negotiation and not auction). The form has a section called "Conditions" and usually already has the standard conditions (ie. LIM, Finance) stated with Yes/No (* using Barfoot agent).

    The builders report and the LIM report is (in most cases) very easy to understand and since you already have it, you should read it before putting in an offer. If you have any questions, you can ask your agent. For myself, I would send the LIM report to my lawyer for a quick sanity check. She does not charge me as she knows I will use her if the deal goes thru.

    The seller wouldn't be too happy if you still want to put LIM as a condition - unless there's no other buyers putting in that amount. And if, assuming the seller accepted your condition, another buyer comes immediately with an unconditional offer, you will have little time to go unconditional or you will lose the deal.

    As always, please consult your authorized real estate agent.

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