Real Estate
Glossary
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WAIVE:
To voluntarily give up a legal right or claim.
WAIVER:
The voluntary giving up of a right or claim. A
document to evidence such a relinquishment.
WALK-THROUGH INSPECTION:
A physical examination of the
property which usually takes place immediately prior to closing to ensure
that no changes have taken place and no new damage has been done to the
property. May also be used to confirm that fixtures and chattels included
in the sale remain on the premises.
WALKUP:
A small apartment building with rental units on upper
floors and no elevator. The tenant literally has to walk up to her
apartment unit.
WAREHOUSE:
A large building used for receiving and storing
goods, materials or merchandise.
WAREHOUSE FEE:
Charge to a borrower to cover the costs of the
lender taking short term loans from other lenders to cover the borrower's
mortgage.
WAREHOUSING:
The process of assembling mortgages for sale to
the secondary mortgage market.
WARRANTY:
A signed statement which guarantees the condition
or continued usefulness of an asset or guarantees the truth of the facts
set out in the statement. The person signing is legally liable if the
statement turns out to be untrue or if the asset proves in worse condition
than stated.
WASTE:
Allowing or causing a property to suffer damage or
undue wear and tear to the detriment of another person who has an interest
in or claim to the property.
WASTELAND:
1. (With "The"), A classic American poem of the
early 20th Century by Thomas Stearns Eliot.
2. A property which cannot
be developed for profitable use.
WATER COURSE:
Any conduit of running water which occurs
naturally on land: a river, stream, brook.
WATER RIGHTS:
The legal right to use water from a water
course or body of water on a property.
WATER TABLE:
The natural accumulation of water either above
or below ground, often used for well purposes. May also refer to the
distance from the surface of the land to the location of the water.
WEAR AND TEAR:
The term for the reduction in value of an
asset resulting from normal use.
WEEKLY PAYMENTS:
An alternative to the more traditional
monthly payments on a loan or mortgage. Results in faster pay-down of
principal, lower total interest paid.
WETLANDS:
Lands restricted for development as a result of
their proximity to bodies of water and the fact that they are occasionally
or often flooded. May also be environmentally sensitive.
WILL:
A written statement of a person's wishes for the
disposition of that person's estate after their death.
WIRE TRANSFER:
The movement of funds from one place to
another electronically.
WOOD DESTROYING INSECT REPORT:
See "termite report".
WORK ORDER:
A requirement by a local government body for work
to be performed on a property so as to bring it into conformance with
local regulations.
WRAPAROUND MORTGAGE:
A secondary financing option in which
new money borrowed is blended with money already owed and registered on
title to the property. A second mortgage is registered as security for the
new money but the old mortgage remains in existence and the rate of
interest is a blend of the rate chargeable on the old mortgage and the
rate chargeable on the newly borrowed money.
WRIT OF EXECUTION:
A claim or lien which is registered with
the local enforcement officer to enforce a judgement of a court. The
officer is then required to enforce the judgment against the judgment
debtor and any property owned by that debtor in the jurisdiction.