What does Incurable Defect mean?

A defect in a property that cannot be repaired or corrected. This could include things like a property being built on a floodplain or in a seismic zone, or a problem with the property's foundation that cannot be fixed. These types of defects can make a property unsalable, uninhabitable, or uninsurable. Incurable defects can be disclosed by a home inspector, or discovered by the potential buyer during the due diligence period. It is important for buyers to be aware of any incurable defects before purchasing a property to avoid costly mistakes.

Related Terms

Log Cabin Money Market Account Cooperative Project Right of First offer Lease Buyer's agent Alienation Clause Homeowners' Warranty Building Inspector Brokerage A-Frame Design Will Days On The Market Late Payment Construction To Permanent Loan Cpi and Market Rent Escalation (In a Lease) Index Upgrades