These clauses are my preference in place of the standard LIM clause.   In fact they are, in my opinion, better for both parties to the agreement.

 

For the purchaser, they are not limited to matters contained in the LIM. 

 

And for the vendor, they should prevent frivolous objections/cancellation such as out of date Council notices on the title.  The most obvious being flood plain warnings, many of which are well out of date due to development of the land.

 

The first allows only 5 days and therefore must not be used if the purchaser intends to order a LIM.   The second allows 15 days to enable the purchaser to obtan their own LIM.

 

If using them, please be sure to say "NO" to a LIM on the front page of the sale and purchase agreement.

 

Conditional Upon Compliance – 5 working days, no time for a LIM

This agreement is conditional upon the property complying, at the appropriate time, in all respects with the requirements of the relevant territorial or government authority and that there are no unresolved or outstanding matters.
In the event that the Purchaser is not satisfied with such matters, then within 5 working days of the date of this agreement he shall serve written notice on the Vendor advising the reasons for his dissatisfaction and supplying relevant documentary evidence (for example an Engineers Report). Failure to serve such notice shall be deemed to be acceptance by the Purchaser of any defects.
In the event that the purchaser serves notice of his dissatisfaction, then the Vendor may within 2 working days of receipt of such notice warrant in writing to the Purchaser that he will prior to settlement and at the Vendors expense make good the defects to the satisfaction of the relevant territorial or government authority. In the event that the Vendor does not issue such a warrant within the stated time then this agreement shall be voidable by notice in writing by the Purchaser to the Vendor at any time within a further 3 working days.

 

Conditional Upon Compliance – 15 working days, time for a LIM

This agreement is conditional upon the property complying, at the appropriate time, in all respects with the requirements of the relevant territorial or government authority and that there are no unresolved or outstanding matters.
In the event that the Purchaser is not satisfied with such matters, then within 15 working days of the date of this agreement he shall serve written notice on the Vendor advising the reasons for his dissatisfaction and supplying relevant documentary evidence (for example a LIM or Engineers Report). Failure to serve such notice shall be deemed to be acceptance by the Purchaser of any defects.
In the event that the purchaser serves notice of his dissatisfaction, then the Vendor may within 2 working days of receipt of such notice warrant in writing to the Purchaser that he will prior to settlement and at the Vendors expense make good the defects to the satisfaction of the relevant territorial or government authority. In the event that the Vendor does not issue such a warrant within the stated time then this agreement shall be voidable by notice in writing by the Purchaser to the Vendor at any time within a further 3 working days.

 

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