Real estate definitions Dictionary provided as a service by Sandee Conley of Century21 Doug Anderson Realty, Lancaster California
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WAIVE:
To relinquish, or abandon; to forego a right to enforce or require anything.

WAIVER:
The intentional or voluntary relinquishment of a known claim or right.  Relinquishing a right.

WALK-THROUGH INSPECTION:
Buyer's on-site inspection of the property being purchased just prior to closing; a detailed inspection of a new construction, in which a punch list and cosmetic items are addressed prior to final acceptance.  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:
Using existing loans as security for another loan. Warehousing involves mortgage portfolios.

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.

WARRANTY DEED:
A deed used to convey real property which contains warranties of title and quiet possession, and the grantor, thus, agrees to defend the premises against the lawful claims of third persons.


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WASTE:
The destruction, or material alteration of, or injury to premises by a tenant for life or years.

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:
Distance from surface of ground to a depth at which natural groundwater is found.

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 document that provides for the disposition of property upon a person's death.

WIRE TRANSFER:
The movement of funds from one place to another electronically.

WOOD DESTROYING INSECT REPORT:
See TERMITE REPORT.

WORK LETTER:
A list of the building standard items that the landlord will contribute as a part of the tenant improvements.

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:
Involves the borrower entering into a second mortgage. This arrangement represents the means by which he can add to his development without refinancing the first mortgage at substantially higher current rates.

WRAP-AROUND TRUST DEED:
Same as an "all-inclusive" trust deed. A junior trust deed that "wraps around" a senior trust deed, incorporating the senior's unpaid balance into the overall balance of the wrap-around.

WRIT OF EXECUTION:
A court order used to sell property to satisfy a debt.


GENERAL LINKS:
Work at Home Land.com
Work at Home Land is the leading work at home business search engine and directory designed to help its users find the best home business opportunities.

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