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Real Estate Terms Glossary
Click the letter corresponding to the first letter of the word you wish to look up.
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Real Estate Terms Beggining with the Letter w
Waive
 
To give up a right.
   
Waiver
 
Giving up of certain rights or privileges. The relinquishment may be voluntary and knowing or it may occur involuntarily through action of the parties. The action resulting in the waiver is unilateral and requires no action or reliance by the other party.
   
Warranty
 
An absolute undertaking or promise that certain facts are as represented. Occasionally used interchangeably with guarantee.
   
Warranty of Habitability
 
Implied warranty in residential leases. The landlord covenants by implication that the premises are suitable for human occupancy. The implied warranties are found in the statutes and implied by common law.
   
Waste
 
The destruction or material alteration of or injury to premises by a tenant-for-life or tenant or tenant-for-years. Example: a tenant cutting down trees or mining coal. The destruction injury material alteration or abusive use of property by a person rightfully in possession
   
Water Table
 
Distance from the surface of the ground to a depth at which natural ground water is found.
   
Will
 
A document that directs the disposition of one's property after death.
   
Witnessed Will
 
A formal will signed by the testator in the presence of two or more witnesses each of whom must also sign the will.
   
Wrap Around Mortgage (Deed Of Trust)
 
A financing device whereby a lender assumes payments on existing trust deeds of a borrower and takes from the borrower a junior trust deed with a face value in an amount equal to the amount outstanding on the old trust deeds and the additional amount of money borrowed.
   
Wrap-Around Deed of Trust
 
A sophisticated financing package that permits the seller to sell his property without paying off the outstanding deed of trust. The buyer's larger loan which is used to purchase the property includes provisions for paying off the seller's existing loan.
   
Writ
 
A process of the court under which property may be seized. An order from the court to the sheriff or other law enforcement officer directing and authorizing a specific act.
   
Writ of Attachment
 
A writ authorizing and directing the physical attachment (seizure) of property.
   
Writ of Execution
 
An order directing the sheriff to seize property to satisfy a judgment.
   
Writ of Immediate Possession
 
An order authorizing a landlord to obtain immediate possession of a tenant's premises pending the outcome of an unlawful detainer action or other court proceeding.
   

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