Glossary 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.
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