WAIVER - To voluntarily give up or surrender a right.
WAREHOUSE - A building used to store merchandise and other
materials or equipment.
WAREHOUSING - A term used in financing to describe the process
which loan correspondents employ, assembling into one package a
number of mortgage loans which the correspondent has originated
and selling them in the secondary mortgage market.
WARRANTY - A
guaranty by the seller, covering the title as well as the
physical condition of the property.
WARRANTY DEED - A deed in which the grantor fully warrants good
clear title to the premises.
Also called a general warranty deed.
WASTE - An improper use or abuse of property by one in
possession of land, who holds less than the fee ownership, such
as a tenant, life tenant, mortgagor, or vendee.
WEAR AND TEAR - The gradual physical deterioration of property,
resulting from use, passage of time and weather. Only property
subject to wear and tear is depreciable.
WRAP-AROUND MORTGAGE - A method of refinancing in which the new
mortgage is placed in a secondary or subordinate position. In
essence, it is an additional mortgage in which another lender
refinances a borrower by lending an amount over the existing
first mortgage amount, without cashing out or distributing the
existence of the first mortgage.
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