Glossary of Real Estate Terms (wa-wr)

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

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.