Glossary of Real Estate Terms
This glossary is for informational purposes only and should not be used without legal counsel for the purpose of reading/understanding a contract.
W
- Waive
To relinquish, abandon or forego a right to enforce or require something.
- Waiver
A voluntary act to intentional relinquish a known right which implies an election by the party to dispense with something of value or to forego some advantage or right.
- Walk Up
An apartment of more than one story that does not have an elevator which means that the tenants must walk up the stairs to get to their apartments.
- Warranty of Authority
A representation by an agent to third persons that the agent has and is acting within the scope of authority conferred by his or her principal.
- Wear and Tear
The depreciation that an asset has due to ordinary usage.
- Window Treatment
Refers to a blind, shade and/or curtains used to cover a window. Window treatments are not Real Property.
- Without Recourse
An without recourse endorsement specially refuses to assume any responsibility to subsequent holders for the payment of a debt instrument that gets transferred by endorsement.
- Words of Conveyance
The statement that follows the statement of consideration in a deed to show the intent on the part of the grantor to transfer the property.
- Wrap Around Loan
A financing device used when it is not feasible or desirable to pay off the first mortgage whereby a lender assumes the payments on a borrower's existing loan and takes a new junior mortgage from the borrower that has a face value in an amount equal to the amount outstanding on the old mortgages plus the additional amount of money borrowed.