- A deficiency or fault within a property that is not easy to see or visibly detectable, such as termite damage or traces of radon above safe levels.
hidden flaw, latent material defect, latent fault, hidden defect
Related Terms and Acronyms
- Curable Defect — Definition,
- A problem with a property that can be remedied. Peeling paint is a curable defect, but location in a crime-ridden neighbourhood is not.
- Home Inspection — Definition,
- A thorough examination of a house's visible structural parts and systems, conducted before purchase.
- Home Owners Warranty (HOW) — Acronym, Very Important,
- A policy that guarantees workmanship on construction of a home and functionality of some appliances, and which pays for repairs for a specified period.
- Homeowners Insurance — Definition,
- A policy that includes hazard coverage, covering loss or damage to property and/or assets located within, as well as coverage for personal liability and theft.
- Peril — Definition,
- Anything that poses a risk of loss, which may or may not be insurable depending on the potential for risk.