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Real Estate Dictionary/Glossary A,
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N.B. This glossary is provided with the understanding that the author is not
providing any legal, or other professional services. If legal or real estate
advice is required, the services of a competent professional person should be
sought.
Waiver
To give up a right voluntarily. (See workout)
Walk-through
A final inspection of a property just before closing. This assures the buyer
that the
property has been vacated, that no damage has occurred and that the seller has
not taken or
substituted any property contrary to the terms of the sales agreement. If damage
has
occurred, the buyer might ask that funds be withheld at the closing to pay for
the repairs.
Warehousing
Warehousing is the assembly of mortgage loans into "pools." Securities that
represent shares
in these pools are then sold to investors. Examples of warehousing "agencies"
include Fannie
Mae/Federal National Mortgage Association and Ginnie Mae/Government National
Mortgage
Association.
Warranty
A promise that certain stated facts are true. A guaranty by the seller, covering
the title
as well as the physical condition of the property. A warranty is different from
a
representation in that a representation is a statement made in the course of
negotiations
leading up to the sale, but not incorporated into the contract. A warranty, on
the other
hand, is a statement in the contract asserting the truth of certain things about
the
property.
Warranty deed
A deed in which the grantor fully warrants good clear title to the premises;
also called a
general warranty deed. The usual covenants of title are covenant of seisin
(possession),
covenant of quiet enjoyment, covenant against encumbrances, covenant of warranty
forever and
covenant of further assurance.
A warranty deed warrants the title, not the quality of construction of the real
property. A
warranty deed is used in most real estate deed transfers and offers the greatest
protection
of any deed.
Waste
An improper use or an abuse of a property by a possessor who holds less than fee
ownership,
such as a tenant, life tenant, mortgagor or vendee. Such waste ordinarily
impairs the value
of the land or the interest of the person holding the title or the reversionary
rights.
Water rights
See appropriative water rights, correlative water rights, littoral rights, right
of
correlative user, right of prior appropriation, riparian rights
Water table
The natural level at which water is located in a particular area, be it above or
below the
surface of the earth.
Water well
An excavation where the intended use is for location, acquisition, development,
or
artificial recharge of ground water.
Weekly activity report
A weekly written report given to an owner by a listing broker reviewing the
sales activities
conducted by the broker to sell the listed property.
Weighted average technique
When reconciling appraisal approaches, the application of a weight to each
approach for
averaging. (See appraisal)
Wetlands
Areas that are inundated or saturated by surface or ground water at a frequency
and duration
sufficient to support vegetation typically adapted for life in saturated soils.
Also
referred to as bogs, marshes, sloughs and swamps.
Wholesale agreements
An agreement of a loan originator to work exclusively with a single lender.
Will
A written document, properly witnessed, providing for the transfer of title to
property
owned by the deceased, called the testator.
Will-buy buyers
Will-buy buyers are bargain-hunters looking for motivated "must-sell" sellers.
(See must-
sell sellers)
Will-sell sellers
Unmotivated sellers who put their property on the market at an above-market
price. Sellers
who do not need to sell but will if the price is right.
Window well
The dugout area just outside of a basement window that can be used to escape in
the event of
a fire.
Workers' Compensation Acts
Laws that require an employer to obtain insurance coverage to protect his or her
employees
who are injured in the course of their employment.
Working level (WL)
A unit of measurement for documenting exposure to radon decay products. One
working level is
equal to approximately 200 picoCuries per liter.
Workout
The various ways to offset a foreclosure. (See moratorium, waiver)
Wraparound
The debt secured includes an existing debt already on the property. The payments
made to the
holder of the wraparound include payments due on the existing loan and the
holder must
forward the appropriate portion of each payment to the existing noteholder.
Often used to
avoid a prepayment penalty or a due on sale clause. Can refer to a wraparound
deed of trust
or contract for deed.
Wraparound mortgage
A method of financing in which the new mortgage is placed in a secondary or
subordinate
position; the new mortgage includes both the unpaid principal balance of the
first mortgage
and whatever additional sums are advanced by the lender. Sometimes called an
all-inclusive
loan, an overriding loan or an overlapping loan.
Writ of execution
A court order authorizing and directing an officer of the court (sheriff, police
officer) to
levy and sell property of the defendant to satisfy a judgment.
Real Estate Dictionary/Glossary A,
B,
C,
D,
E,
F,
G,
H,
I,
J,
K,
L,
M,
N,
O,
P,
Q,
R,
S,
T,
U,
V,
W,
X,
Y,
Z
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