Real Estate Dictionary

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W

Waiver	The relinquishing of a right
Warranty	A guarantee provided to the purchases regarding the quality of appliances or fixtures sold Also a promise by the grantor of a piece of property that he or she is responsible to the buyer if the title of ownership is defect in any way
Warranty deed	A document conveying ownership of a property that guarantees a clear, clean title
Will	A written document stating how an individual chooses to have his or her property distributed after his or her death
Wraparound loan or Wraparound mortgage	A method of refinancing which covers the remaining balance on an existing first mortgage as well as the additional amount of loan being requested by the mortgagor; full payments covering both mortgages are made to the Wraparound mortgagee, who then forwards on the portion of payment due to the first mortgagee

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

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