All Topics / Overseas Deals / LIM

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  • Profile photo of salacioussalacious
    Member
    @salacious
    Join Date: 2003
    Post Count: 373
    February 16, 2005 - 4:54 am

    Hi,
    Could someone help me and explain what this means in terms of signing a contract.

    5 working days finance
    10 working days LIM & Title
    10 working days Building Report
    Settlement 8 weeks OK

    Thanks
    Dom

    Profile photo of shaztazshaztaz
    Member
    @shaztaz
    Join Date: 2004
    Post Count: 113
    February 16, 2005 - 5:00 am

    Steve gives us some good info here about LIM’s…
    https://www.propertyinvesting.com/forum/topic/15064.html
    Regards,

    Sharon

    Profile photo of westanwestan
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    @westan
    Join Date: 2002
    Post Count: 1,950
    February 16, 2005 - 6:01 am

    Hi Dom

    what these mean are that you as a buyer have this amount of time to approve those issues.
    5 working days finance- this means that you have 5 days to let the seller know you have been granted approval for finance.
    10 working days LIM & Title- like the above , so 10 days to view the LIM and give approval.
    10 working days Building Report- you must have a builder inspect the home within 10 days and then you will notify the seller that you are happy to proceed with the deal.

    Once you have approved all the conditions you must go unconditional, that means you can’t back out of the contract.
    On the conditions you mentioned you have 8 weeks from the signing of the papers to have the transaction complete.

    regards westan

    I live in New Zealand and for a fee find cash positive deals there, email me at [email protected] to join our database

    Profile photo of salacioussalacious
    Member
    @salacious
    Join Date: 2003
    Post Count: 373
    February 16, 2005 - 6:16 am

    Thanks for quick replywestan,shaztaz,

    One question thought is 5 working day finance normal or is this to short for New Zealand?
    Thanks
    Dom[biggrin]

    Profile photo of westanwestan
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    @westan
    Join Date: 2002
    Post Count: 1,950
    February 16, 2005 - 11:39 pm

    Hi Dom

    yes 5 days is normal. but then again so are “cash offers” (no finance clause) and so are 10 day finance clause, it depends how hot the market is where the offer is being made.
    If it comes to a situation where two people are offering on the same property someone who is able to offer the least terms will often win.
    Thats why its good to get financial pre approval.
    regards westan

    I live in New Zealand and for a fee find cash positive deals there, email me at [email protected] to join our database

    Profile photo of salacioussalacious
    Member
    @salacious
    Join Date: 2003
    Post Count: 373
    February 17, 2005 - 1:31 am

    Thanks for that info westan.
    I am in the process of attainng a IP in new zealand.
    Ivercargill to be precise. I know that you reside their and would appreciate any information you can part with.

    I went in june last year for a bit of sight seeing and skiing and found it to be a truly beautifull country despite the cold.Would love to invest their and i think the yeilds are good.

    thanks Dom

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