WAIVER
To voluntarily give up or surrender a claim or right.

walk through
A Buyer's on-site inspection of the property being purchased, just prior to closing.
Also a detailed inspection of a new construction home, in which cosmetic items are addressed, prior to final acceptance.

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.

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WARRANTY
A guaranty by the seller, covering the title as well as the physical condition of the property. A promise that certain stated facts are true. A guaranty by the seller, covering the title as well as the physical condition of the property. A warranty is different from a representation in that a representation is a statement made in the course of negotiations leading up to the sale, but not incorporated into the contract. A warranty, on the other hand, is a statement in the contract asserting the truth of certain things about 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.

wholesale agreements
An agreement of a loan originator to work exclusively with a single lender.

Will
A written document stating how an individual chooses to have his or her property distributed after his or her death.

will-buy buyers
Will-buy buyers are bargain-hunters looking for motivated "must-sell" sellers.

will-sell sellers
Unmotivated sellers who put their property on the market at an above-market price. Sellers who do not need to sell but will if the price is right.

WOMEN'S COUNCIL OF REALTORS®
We are a community of real estate professionals creating business opportunities, developing skills for the future and achieving our individual potential for success.

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.

writ of execution
A court order authorizing and directing an officer of the court (sheriff, police officer) to levy and sell property of the defendant to satisfy a judgement.

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