Real Estate Glossary - Letter W

Waive

To relinquish

Waiver

Usually in the form of a document stating intentional.

Warranty

Any agreement between a buyer and seller during a purchase.

Warranted value

The term often confused with warranted price

Warranty deed

A deed in which the seller guarantees a clean title to the property.

Warranty of authority

An assurance that a person was fully authorized to perform a deed and relieves the owner from any liabilities from losses incurred if the person has no authority.

Wear and tear

The non-performance of a part or gradual deterioration of an asset due to prolonged use.

Wild document

A document without basis or reason.

Will

A legal document that contains a person’s directions for disposal of his assets.

Without recourse

A legal term referring to a document holder who does not have any recourse to the person who owns the document.

Words of conveyance

The statement in a deed that shows a grantors’ consideration to transfer a property.

Working capital

The assets of a business over current liabilities at any given time.

Wrap around loan

A finance technique that allows an existing loan to be refinanced at an interest rate that is almost equal to the existing loan.

Writ of attachment

A legal order to seize a property to secure a creditor’s claim.

Writ of execution

A court order that instructs an officer of the court to enforce the court’s judgment.