When it comes to buying your first home, the jargon can be pretty daunting. You’ll need to know your LIMs from your LVRs and your building code from your body corporate.
The better educated you can become, the easier and safer your purchase will be.
Some of the most basic terms to know include:
• Agent. The real estate salesperson. Usually an agency will have an exclusive deal, which means only they can sell the property.
• LIM. A land information memorandum or LIM is a report from the local council that includes a summary of all information held about that property.
Read more here: http://www.nzherald.co.nz/property/news/article.cfm?c_id=8&objectid=11729154
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