07-11-2021, 04:59 AM
Hi
I made an offer subject to LIM, builder's report, finance and sale of my existing houses.
So while I was making calls arranging other things on my lunch breaks I put LIM application on the back burner. Now that a week has passed and I get around to the LIM I see it takes 10 working days for them to process the information. But I had to fulfill that condition withing 15 days.
So how important is a LIM? Just to make sure the building(s) on site match the LIM? Or are there other things I should be looking for?
Just to make things more stressful, when the agent was signing me up for the sale of my properties she said I should check with my accountant to make sure I won't have to pay tax on the sale of the rental. I've owned the house I live in for 20 years. I've owned the rental since about Sep 2016. I'm not gst registered. I have not heard from my accountant and could not get through to IRD. (Who could get through to IRD on a half hour break?)
I made an offer subject to LIM, builder's report, finance and sale of my existing houses.
So while I was making calls arranging other things on my lunch breaks I put LIM application on the back burner. Now that a week has passed and I get around to the LIM I see it takes 10 working days for them to process the information. But I had to fulfill that condition withing 15 days.
So how important is a LIM? Just to make sure the building(s) on site match the LIM? Or are there other things I should be looking for?
Just to make things more stressful, when the agent was signing me up for the sale of my properties she said I should check with my accountant to make sure I won't have to pay tax on the sale of the rental. I've owned the house I live in for 20 years. I've owned the rental since about Sep 2016. I'm not gst registered. I have not heard from my accountant and could not get through to IRD. (Who could get through to IRD on a half hour break?)