Real Estate Dictionary – W

Waiver The relinquishing of a right
Warranty A guarantee provided to the purchases regarding the quality of appliances or fixtures sold
Also a promise by the grantor of a piece of property that he or she is responsible to the buyer if the title of ownership is defect in any way
Warranty deed A document conveying ownership of a property that guarantees a clear, clean title
Will A written document stating how an individual chooses to have his or her property distributed after his or her death
Wraparound loan or Wraparound mortgage A method of refinancing which covers the remaining balance on an existing first mortgage as well as the additional amount of loan being requested by the mortgagor; full payments covering both mortgages are made to the Wraparound mortgagee, who then forwards on the portion of payment due to the first mortgagee