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Real Estate Dictionary

 

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WAINSCOTING - The covering of an interior wall with wood (tiles, panels, etc.) from the floor to a point approximately half way to the ceiling with the remaining portion either painted, wallpapered, or covered with a material different from the lower portion. 
WAVE -  To knowingly abandon, give up, surrender, or relinquish a right, claim, or benefit.
WAVER - to relinquish a right. A subcontractors waver of their mechanic's lien rights in order for the owner (usually a builder) to obtain draws under a construction loan.
WARM AIR HEATING SYSTEM - Hot air or forced hot air heating system. Describes a system where the air is heated in a furnace an is circulated through ducts. Enables the addition of central air conditioning where as a forced hot water system may not.
WARRANT - To legally assure that title conveyed is good and that possession will be undisturbed.
WARRANTY - A legal, binding promise given at the time of sale whereby the seller gives the buyer certain assurances as to the condition of the property being sold. 
WARRANTY DEED - A deed used in may states to convey fee title to real property. 
WATERFRONT - Property fronting on a body or water.
WATER HOLDING CAPACITY - The amount of water a given type and amount of soil will absorb and hold under normal conditions. The amount is expressed as a percentage of the soil's own weight when dry.
WATER TABLE -  The depth measured from the surface to where natural underground water as found. 
WEAR AND TEAR - The deterioration or loss in value caused by the normal and reasonable use of the property. In leases, the tenant is not usually responsible for normal wear and tear.
WEATHERING - The deterioration of the exterior of a structure caused by exposure to weather. 
WEATHER-STRIPPING - Strips of metal or felt, etc. installed between a window or door and its casing to keep out wind, moisture and other elements of weather.
WEEP HOLE - Small hole in a retaining wall where it is necessary to drain off excess water to avoid pressure build-up.
WELL - A hole or shaft dug into the ground to obtain water, gas, oil, etc.
WILD INTEREST - An interest of record which cannot be traced in the chain of title. Often caused when an incorrect legal description appears in a document. A woman could obtain title under her maiden name and sell under her married name leaving no clear chain of ownership.
WINDBREAK - Any natural or artificial structure which shelters by breaking the force of wind.
WINDOW SILL - The bottom framing member of a window casing.
WITHOUT RECOURSE - A finance term. A mortgage or deed of trust securing a note without recourse allows the lender to look only to the property as security. 
WOOD FRAME CONSTRUCTION - Buildings in which the walls, roof and floors are constructed of wood. The exterior covering may be of any material such as stucco, brick etc.
WRAP-AROUND MORTGAGE - A loan in which a new loan is added to the existing first mortgage loan. 
WRIT OF EXECUTION - A writ to carry out a judgment or decree of the court.
WYTHE - A partition in a chimney which contains more than one flue, separating the flues.
  
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