Real Estate & Investing Dictionary
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Wage Earner Plan
A nickname for Chapter 13 bankruptcy.

Voluntary relinquishment of rights or claims.

Waiver of Lien
Voluntarily relinquishing the right of a lien, usually temporarily. This waiver may be explicitly stated or implied.

Walk Through
A Buyer's on-site inspection of the property being purchased, just prior to closing. OR A detailed inspection of a new construction home, in which punch list and cosmetic items are addressed, prior to final acceptance.

Walk-out Basement
Type of basement that allows a door to open into the yard because the basement is at ground level.

Final inspection of the home by buyer to check if the conditions in the contract have been satisfied.

Walkaway Risk
Risk that occurs when a buyer or seller decides not to go through with the transaction. If property is not sold at the offered price, that price may not be realized at a later date. Same situation exists for buyer.

Building of two or more floors with no way to be accessed except through stairs. This type of building is usually in cities.

Wall Furnace
A small furnace that is placed between the studs in a wall.

Wall Heater
Heater that heats the surrounding area from where it is attached on the wall.

To guarantee something to be as represented.

Warranted Price
Considered fair amount for a real estate transaction, which can be justified by the conditions involved in the exchange.

Legally binding agreement to do something.

Warranty Deed
Deed that assures that the title to a property is free of any legal claims or encumbrances and includes covenants of seizin, express warranties of title, right to quiet enjoyment, freedom from encumbrances.

Warranty Deed
A deed used in many states to convey fee title to real property. The grantor warrants that title is not defective.

Warranty Deed
A conveyance of land in which the grantor guarantees the title to the grantee.

Water Heater
Device for heating and storing water. Heat is generated by gas, electric, or steam.

Water Right
The legal right of a landowner to the water found on his property.

Water Service
Potable (drinking) water supply to a structure from a water main or well system.

Water-holding Capacity
Amount of water able to be retained in an expansion tank or other type of unit.

Waterfront Property
Structure adjacent to a lake or other type of water, which has a higher sale value due to greater demand.

An instrument created by an individual prior to their death instructing an individual or group of individuals (called Executors) how they wish to have their possessions and estate divided among other parties after their death. Typically filed with the Probate Court or County Recorder.

A solution to both seller and buyer needs.

Without Recourse
Words used in endorsing a note or bill to denote that the future holder is not to look to the endorser in case of nonpayment.

Term generally used to describe the trim work done on the interior or exterior of a building

Workers' Compensation Insurance
Insurance, which covers job related injuries to employees, which is paid by employers as required by the government

The process by which a borrower comes to a mutually acceptable financial arrangement with a lender in order to avoid an impending foreclosure.

A type of mortgage in which the obligation to pay a second - or later - lien mortgage includes the obligation to pay an earlier-lien mortgage. The later mortgage wraps around the earlier mortgage. Default on the earlier-lien mortgage is automatically a default on the later-lien mortgage.

Wraparound Loan
A new loan encompassing any existing loans.

Wraparound Mortgage
Loan which provides a buyer with the amount of the remaining balance on a seller's mortgage plus an additional amount which is requested by seller as part of the contract of sale. Payments are made to the lender who holds the wraparound loan.

Writ of Execution
A court order authorizing the holder to seize and sell a debtor's property to pay off a judgment.

Writ of Garnishment
A court order commanding a person who holds assets for another person, such as a banker who holds funds on deposit, an employer who holds a paycheck or a stock broker who holds an account for an investor, to give those assets up to a creditor.

Writ Of Possession
A court document that authorizes a constable or other officer of the law to break down a tenant's door, drag the tenant from the premises and throw the tenant's belongings out of the house or apartment.

Wrongful Foreclosure
A foreclosure that was legally improper and that caused a borrower to suffer damages.
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