Friday, September 30, 2011

Real Estate Glossary - 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.

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