What if there are issues on the LIM?

If there are issues on the LIM you need to decide how serious those issues are. We will discuss with you the issues and what possible remedies you have for different situations. It is important to act in a timely manner if there are issues

If there are issues on the LIM you can ask your lawyer to negotiate with the other side – this should always be done through your lawyer not through the real estate agent or direct with the vendor. These negotiations may involve asking for the purchase price to be reduced or asking for the vendor to rectify the issues.

The vendor is not required to reduce the purchase price or rectify the issues, but they may choose to do so as part of your negotiations.

You may decide that the issues with the LIM mean that you don’t even want to negotiate with the vendor, you just wish to withdraw your offer. Again, you need to inform your lawyer as this must be done officially by us contacting the vendor’s lawyer. This cannot be done through the real estate agent or direct to the vendor.

Once the date for the LIM condition has passed, you are not able to cancel the agreement based on any problems you find in the LIM later on.