Costs and capital planning
Immediate repairs are corrections to physical deficiencies that need prompt action because of an imminent life-safety issue, likely system failure or cost escalation, or recorded building or fire code violations.
ASTM E2018 calls the related estimates immediate costs. Lenders often require immediate repairs to be completed or escrowed at closing. Buyers should treat them as first-year acquisition costs.
Source: store.astm.org
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