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Curable Defect
Defects are often discovered during the home-purchasing process: rooms that need painting, doors that are in need of repair or an unkempt yard that requires landscaping. These are known as curable defects and are often used for negotiating selling prices; they can be easily repaired by the buyer or seller of the home. More serious defects such as a high-crime neighborhood, poor schools or noisy neighbors are typically regarded as non-curable. When purchasing a home with curable defects, it is a good idea to have them listed in a purchase and sale agreement and designate the responsible party in this agreement. Typically, a curable defect will reduce the overall value of the home, based on the severity of the defect and who will ultimately be responsible for the repair. Property that is in poor repair typically will sell for far less than a home that has been properly maintained and has only a few curable defects.