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REAL ESTATE GLOSSARY
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WAIVER
The voluntary renunciation, abandonment, or surrender of some claim, right, or privilege.
WALK-THROUGH INSPECTION
A process whereby an appraiser examines a property in preparation for estimating its value. Also, the process of inspecting a property for any damage prior to that property being bought or sold.
WAREHOUSE FEE
Many mortgage firms must borrow funds on a short term basis in order to originate loans which are to be sold later in the secondary mortgage market (or to investors). When the prime rate of interest is higher on short term loans than on mortgage loans, the mortgage firm has an economic loss which is offset by charging a warehouse fee.
WAREHOUSING
Mortgage bankers and other financial institutions make loans that are then periodically sold on the secondary market. After the loan is made but before it is sold - the loan is said to be in the lenders warehouse.
WARRANTY
An affidavit given to stipulate the condition of a property. The person giving the warranty assumes liability if the condition turns out to be untrue.
WARRANTY DEED
A deed conveying the title to a property with a warranty of a clear marketable title.
WEAR AND TEAR
A term used to indicate the normal damage inflicted on a property through every-day use.
WEATHER STRIPPING
Material used around windows and doors to prevent drafts.
WEEP HOLE
Drainage hole that allows water to escape.
WRAPAROUND MORTGAGE
A mortgage that includes the remaining balance on an existing first mortgage plus an additional amount requested by the mortgagor. Full payments on both mortgages are made to the wraparound mortgagee, who then forwards the payments on the first mortgage to the first mortgagee.
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