Real Estate Glossary
Lansing Area Real Estate
REAL ESTATE
 
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waiver
To give up a right voluntarily.

walk-through
A final inspection of a property just before closing. This assures the buyer that the property has been vacated, that no damage has occurred and that the seller has not taken or substituted any property contrary to the terms of the sales agreement. If damage has occurred, the buyer might ask that funds be withheld at the closing to pay for the repairs.

warehousing
Warehousing is the assembly of mortgage loans into "pools." Securities that represent shares in these pools are then sold to investors. Examples of warehousing "agencies" include Fannie Mae/Federal National Mortgage Association and Ginnie Mae/Government National Mortgage Association.

warranty
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. The usual covenants of title are covenant of seisin (possession), covenant of quiet enjoyment, covenant against encumbrances, covenant of warranty forever and covenant of further assurance. A warranty deed warrants the title, not the quality of construction of the real property. A warranty deed is used in most real estate deed transfers and offers the greatest protection of any deed.

waste
An improper use or an abuse of a property by a possessor who holds less than fee ownership, such as a tenant, life tenant, mortgagor or vendee. Such waste ordinarily impairs the value of the land or the interest of the person holding the title or the reversionary rights.

water rights
See appropriative water rights, correlative water rights, littoral rights, right of correlative user, right of prior appropriation, riparian rights

water table
The natural level at which water is located in a particular area, be it above or below the surface of the earth.

water well
An excavation where the intended use is for location, acquisition, development, or artificial recharge of ground water.

wetlands
Areas that are inundated or saturated by surface or ground water at a frequency and duration sufficient to support vegetation typically adapted for life in saturated soils. Also referred to as bogs, marshes, sloughs and swamps.

will
A written document, properly witnessed, providing for the transfer of title to property owned by the deceased, called the testator.

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.

workout
The various ways to offset a foreclosure.

wraparound mortgage:
A method of financing in which the new mortgage is placed in a secondary or subordinate position; the new mortgage includes both the unpaid principal balance of the first mortgage and whatever additional sums are advanced by the lender. Sometimes called an all-inclusive loan, an overriding loan or an overlapping loan. 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 disturbing the existence of the first mortgage. The entire loan combines two or more debts and is treated as a single obligation, and the wrap, or secondary, mortgagee pays the obligations of the first mortgage from the total payments received. While the wraparound lender makes the debt service payments on the first mortgage, the lender does not assume liability for this first lien. A default on the wraparound mortgage would usually result in a default on the underlying 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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