Glossary W – Z

Terms commonly used in the real estate and title industry. The definitions are based on English Common Law, and while generic, may not be exactly applicable in all countries. Please check with a local real estate attorney prior to making any decisions.
Words beginning with..
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M N O P Q R S T U V W – Z

WAIVER
Relinquishment of a right.

WALK-UP APARTMENT
A residential unit in a building generally 4 to 5 storeys or less. The units on the upper floors are accessible by staircase only as no lifts are provided.

WARRANTY DEED
A deed conveying the title to a property with a warranty of clean, clear marketable title.

WRAPAROUND
The debt secured includes an existing debt already on the property. The payments made to the holder of the wraparound include payments due on the existing loan and the holder must forward the appropriate portion of each payment to the existing note holder. Often used to avoid a PREPAYMENT PENALTY or a DUE ON SALE CLAUSE. Can refer to a wraparound DEED OF TRUST or CONTRACT FOR DEED.

ZONING
Used by local authorities to control use of property. For example, residential or retail.

A B C D E F G H I J K, L
M N O P Q R S T U V W – Z

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*Please note that information provided is as it is basis, whilst every effort has been made to provide up-to-date information. The author is not responsible for inaccuracies or whatsoever as a result from using this information.