W

Wainscoting	Wood paneling, tongue-and-groove boards or similar material installed between a baseboard and a chair rail.
Waiver	A voluntary relinquishing of certain rights or claims.
Walk-out basement	A feature that allows a door to open onto ground level.
Walk-through	A buyer’s final inspection of the home to determine if conditions in the purchase agreement have been satisfied.
Warranty	A legally binding promise to do something in the future.
Wetlands	Watery areas such as swamps, marshes and floodplains.
Wild deed	An improperly recorded deed.
Will	The most basic legal document outlining the disposition of a person’s estate in the event of death.
Window light	An individual pane of glass.
Window seat	A bench built under an interior window.
Window well	A curved, corrugated steel insert used to isolate basement windows from moisture if they’re below the soil line.
Window well covers	Curved plastic covers designed to be installed on top of a window well to cover the opening.
Wraparound mortgage	A loan to a buyer for the remaining balance on a seller’s first mortgage and an additional amount requested by the seller. Payments on both loans are made to the lender who holds the wraparound loan.
Waiver	To give up a right voluntarily. (See workout)
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 dam
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 N
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 negot
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 war
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 reve
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.
Weekly Activity Report	A weekly written report given to an owner by a listing broker reviewing the sales activities conducted by the broker to sell the listed property.
Weighted Average Technique	When reconciling appraisal approaches, the application of a weight to each approach for averaging. (See appraisal)
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.
Wholesale Agreements	An agreement of a loan originator to work exclusively with a single lender.
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. (See 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.
Window Well	The dugout area just outside of a basement window that can be used to escape in the event of a fire.
Workers’ Compensation Acts	Laws that require an employer to obtain insurance coverage to protect his or her employees who are injured in the course of their employment.
Working Level (WL)	A unit of measurement for documenting exposure to radon decay products. One working level is equal to approximately 200 picoCuries per liter.
Workout	The various ways to offset a foreclosure. (See moratorium, waiver)
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 a
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.