cost to cure

cost to cure

The amount of money necessary to remedy something that is depressing the value of real property. If the cost to cure a parking lot filled with potholes is $12,000, but the current parking lot condition depresses the value of the property by $20,000, then the defect is said to be curable.

References in periodicals archive ?
The Vermont Supreme Court agreed that the trial court's finding that $10,000 was the actual cost to cure was supported by the record.
In contrast, RID notes the average cost to cure just one infection is $15,275 -- a figure that translates into more than 7,000 changes of rental lab coats or scrubs.
Focusing on larger parcels, uneconomic remnants, cost to cure, and severance damages, the course discusses the qualifications, roles, and responsibilities of the review appraiser from pre- to post-appraisal activities.
The following recent cases highlight the success some taxpayers have experienced in reducing their assessments based on cost to cure and stigma arising from environmental contamination:
The period that this would affect the property would be from the time the problem is identified (and a cost to cure established) until the re-construction has been completed.
DMB/SVP has completed its due diligence with respect to financial, environmental, and physical and structural matters and the parties have fixed the cost to cure certain physical defects in the properties being sold at $250,000.
An expert witness's use of the cost to cure to determine consequential damages in an inverse condemnation case was not erroneous, according to the Court of Appeals of Georgia.
Dega demanded the cost to cure the $150,000 note, interest and costs.
Typically, a series of experts is then hired to compile lists of defects and code violations, as well as an estimate of the cost to cure the defects.
The court concluded that deducting the cost to cure required by a governmental remediation order is the better approach to determining the value of a parcel when it is clear that, even by conservative estimates, the cost of remediation is greater than the value of the property if it were in a clean condition.
For example, while the cost to cure (CC, or value of the loss) is added in the reproduction cost functional obsolescence formula, this amount is actually deducted from the depreciated reproduction cost of the whole property.
Thus, the market value of the subject property using the replacement cost approach is simply the replacement cost new (to achieve equivalent utility in the most cost-effective manner)--minus an age-life depreciation charge and minus the lesser of the cost to cure or value of loss to the subject property (to achieve equivalent internal desirability of the subject property)--minus external obsolescence (to achieve equivalent external desirability of the subject property).