Specific performance is a legal remedy in real estate contracts where the court orders the breaching party to perform their contractual obligations, typically involving the transfer of property.
A waiver is the voluntary renunciation, abandonment, or surrender of a claim, right, or privilege, often formalized through a written statement. In real estate, waivers are commonly used to relinquish specific rights or stipulations within contracts or agreements.
A Waiver of Tax Lien is a document issued by a taxing jurisdiction confirming that it will not file a lien on a particular property, often used during the sale of real estate by an estate to assure a clear title for the buyer.
A walk-through inspection is a detailed examination that a buyer or tenant conducts before finalizing the purchase or lease of a property. Its primary purpose is to ensure that the property is in the agreed-upon condition and that any necessary repairs have been completed.
A Walk-Up (Apartment) Dwelling Unit is a type of apartment located in a multi-story building without an elevator. Often considered more affordable due to the lack of elevator amenities, these units are typically found in older buildings.
A warehouse is a large building or space used for the storage of goods, commodities, and merchandise. Warehouses are crucial for businesses to efficiently manage inventory and streamline distribution.
The practice of packaging numerous mortgage loans for sale in the secondary mortgage market by a financial institution or mortgage banker who originated the loans.
A warranty is a promise contained in a contract, typically in real estate, that guarantees certain conditions or performances with regards to a property, often provided by the seller or builder.
A Warranty Deed is a legal document that ensures that the seller (grantor) of a property has a clear and marketable title to transfer to the buyer (grantee) and guarantees to defend the buyer against any claims to the property.
The Warranty of Habitability is an implied assurance given by a landlord that an apartment offered for rent is free from safety and health hazards.
WASTE refers to property abuse, destruction, or damage caused by a possessor that goes beyond normal wear and tear, affecting the rights and interests of other stakeholders in the property. This is often addressed in mortgage or lease contracts, as well as in life estates.
A wasting asset is a property, resource, or investment that diminishes in value over time due to inherent factors like physical deterioration, depletion, or obsolescence.
Water rights dictate the legal entitlements of water usage owned by individuals or entities, covering both surface and groundwater. These rights are essential in agricultural, commercial, and residential sectors.
The water table represents the upper level of an aquifer below which the ground is fully saturated with water. It is a crucial factor in the study of hydrology, agriculture, and real estate development, influencing water supply management and construction planning.
Wear and tear refers to the gradual deterioration of property as a result of regular use, weathering, and age. This inevitable process affects the condition and value of various property assets over time.
A Western Row House or Western Town House is a nineteenth-century-style house usually built to span an entire street or block, featuring common side walls with adjacent houses.
Wetlands are areas of land where water saturation is the dominant factor determining the soil and the types of plant and animal communities living there. Commonly recognized wetlands include marshes, swamps, bogs, and fens.
A white elephant in real estate is a property that is too expensive to maintain relative to its value or revenue-generating capability, often making it a financial burden instead of an asset.
A will, also known as a testament, is a legal document that sets forth how an individual's property and affairs will be handled after their death.
Williamsburg Georgian or Early Georgian is an English-style house built in Williamsburg, representing the early Georgian houses constructed in America throughout the early 1700s. These residences had simple exterior lines and generally fewer decorative elements compared to later Georgian houses.
A willing buyer is a person who expresses genuine interest in purchasing a property under common market conditions, without being under undue pressure or compulsion.
An opening in the wall of a building, typically made of transparent material, designed to admit light and air into the interior spaces. Windows can often be opened and closed to control ventilation.
‘Without recourse’ is a term used in endorsing a note or bill to indicate that the holder cannot look to the debtor personally for payment if the debtor defaults. The recourse is only to the property involved. It is similar to a nonrecourse loan and is often used as a form of exculpation.
The Women's Council of REALTORS® (WCR) is a nationwide community of professionals working across real estate sectors to promote leadership and development. The council focuses on empowering women in real estate through education, networking, and extensive support.
The Women’s Council of REALTORS® (WCR) is an organization, affiliated with the National Association of REALTORS® (NAR), dedicated to preparing women for their emerging roles in the real estate industry, encouraging productive careers, and developing leadership potential.
A term used in certain home inspection forms, indicating that as a condition for purchase, the property must be free of these insects.
The Work Triangle is a concept determining the efficiency of a kitchen layout by measuring the total distance of the sides of the 'triangle' connecting the refrigerator, range, and sink. Optimal distances range between 15 and 21 feet to allow for smooth workflow and movement.
Working capital is a financial metric that represents the difference between a company's current assets and current liabilities, providing insight into its short-term financial health and operational efficiency.
A Working Mortgage is a mortgage loan where payments are made more frequently than once a month, usually timed to align with the borrower's pay period. This payment structure typically accelerates the amortization of the loan, resulting in less interest paid over the life of the loan.
A workout agreement entails a mutual effort by a property owner and lender to avoid foreclosure or bankruptcy following a default. It generally involves substantial reduction in the debt service burden during an economic depression.
A wraparound mortgage is an innovative financing tool that includes an existing underlying mortgage within its structure, facilitating real estate transactions by streamlining payment processes. It features a consolidated loan combining both old and new debts, circumventing the traditional need for two separate mortgages.
A Writ of Ejectment is a legal order issued by a court to repossess property from someone who is occupying it unlawfully. This document empowers law enforcement to remove said occupant and restore possession to the rightful owner.
A write-down is an accounting term that describes the reduction in the book value of an asset when its fair market value falls below its carrying value on the balance sheet. This is often recorded to reflect a decrease in the asset's value due to obsolescence, damage, or market conditions.
A write-off is an accounting action where an asset's diminished value is removed from the financial books, reflecting that it is no longer expected to generate economic benefit.
Wrongful foreclosure occurs when a lender improperly or illegally forecloses on a borrower’s property. This type of foreclosure typically arises due to failure to follow correct legal procedures or agreements made between the lender and the borrower.
