In the context of Australian real estate, an IM statement refers to an Information Memorandum statement. It is a document prepared by a property seller or their representative to provide potential buyers with detailed information about a property or development opportunity. The IM statement serves as a comprehensive guide that outlines the key features, specifications, financials, and other relevant details of the property being marketed.
Here is an overview of what an IM statement typically consists of:
1. Property Overview: The IM statement begins with an overview section that provides a summary of the property, including its location, size, and any unique selling points. This section aims to capture the attention of potential buyers and generate initial interest.
2. Property Description: This section provides a detailed description of the property, including its physical attributes, such as the number of buildings, units, or rooms, as well as the land area and zoning information. It may also include information about the property’s history, development potential, or any notable features.
3. Financial Information: The IM statement includes financial details related to the property. This may include historical income and expenditure figures, rental income, vacancy rates, and any existing lease agreements. It may also provide projections of potential income or return on investment based on market analysis.
4. Legal and Due Diligence: This section outlines the legal aspects of the property, including title information, any encumbrances or restrictions, and relevant planning and zoning regulations. It may also highlight any legal or environmental due diligence that has been conducted or is required before the sale.
5. Market and Location Analysis: A comprehensive IM statement includes an analysis of the local property market and the specific location of the property. This analysis may include information about recent sales or rental trends, demographic data, infrastructure developments, and any factors that may impact property values or demand in the area.
6. Development Potential or Opportunities: If the property has development potential, the IM statement may provide details on the potential uses, such as residential, commercial, or mixed-use development. It may include concept plans, feasibility studies, or any relevant permits or approvals that have been obtained or are in progress.
7. Supporting Documents: The IM statement may include supporting documents that provide additional information or clarification. These documents might include floor plans, site plans, photographs, surveys, or any other relevant documentation that helps potential buyers evaluate the property.
It is important to note that the specific content and structure of an IM statement may vary depending on the property and the requirements of the seller or their representative. However, the overall purpose remains consistent: to provide potential buyers with a comprehensive understanding of the property and its potential, enabling them to make informed decisions about their interest and potential investment.