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Real Estate Glossary of Terms
Looking for the definition of a real estate
term? Click on a letter of the alphabet below to go to that letter's
corresponding page of terms.
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WAIVER - To voluntarily give up or
surrender a right.
WAREHOUSE - A building used to
store merchandise and other materials or equipment.
WAREHOUSING - A term used in
financing to describe the process which loan correspondents employ,
assembling into one package a number of mortgage loans which the
correspondent has originated and selling them in the secondary mortgage
market.
WARRANTY - A guaranty by the
seller, covering the title as well as the physical condition of the
property.
WARRANTY DEED - A deed in which
the grantor fully warrants good clear title to the premises. Also called a
general warranty deed.
WASTE
- An improper use or abuse of property by one in possession of land, who
holds less than the fee ownership, such as a tenant, life tenant, mortgagor,
or vendee.
WEAR
AND TEAR - The gradual physical
deterioration of property, resulting from use, passage of time and weather.
Only property subject to wear and tear is depreciable.
WRAP-AROUND MORTGAGE - A method of refinancing in which the new mortgage is placed in a
secondary or subordinate position. In essence, it is an additional mortgage
in which another lender refinances a borrower by lending an amount over the
existing first mortgage amount, without cashing out or distributing the
existence of the first mortgage.
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