To give up a right voluntarily.
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 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
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.
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.
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.
See appropriative water rights, correlative water
rights, littoral rights, right of correlative user,
right of prior appropriation, riparian rights
The natural level at which water is located in a
particular area, be it above or below the surface of the
An excavation where the intended use is for location,
acquisition, development, or artificial recharge of
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.
A written document, properly witnessed, providing for
the transfer of title to property owned by the deceased,
called the testator.
Will-buy buyers are bargain-hunters looking for
motivated "must-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.
The various ways to offset a foreclosure.
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
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.