Real
Estate Glossary
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 judgment 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.
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