Oscar Castillo
"Residential" Real Estate


    - Glossary





Waiver - the voluntary relinquishment and/or waives  some right.

Walk-through   a final inspection of a property just before closing. This assures the buyer that the property has been vacated, that no damage has occurred and that the seller has not taken or substituted any property contrary to the terms of the sales agreement. If damage has occurred, the buyer might ask that funds be withheld at the closing to pay for the repairs.

Warehousing   is the assembly of mortgage loans into "pools." Securities that represent shares in these pools are then sold to investors. Examples of warehousing "agencies" include Fannie Mae(Federal National Mortgage Association) and Ginnie Mae (Government National Mortgage Association).

Warranty   a promise that certain stated facts are true. A warranty is a statement in the contract asserting the truth of certain things about the property A guarantee by the seller, covering the title as well as the physical condition of the property. A warranty is different from a representation in that a representation is a statement made in the course of negotiations leading up to the sale, but not incorporated/written into the contract.

Warranty deed   A deed in which the grantor fully warrants good clear title to the premises; also called a general warranty deed. The usual covenants of title are covenant of seisin (possession), covenant of quiet enjoyment, covenant against encumbrances, covenant of warranty forever and covenant of further assurance. A warranty deed warrants the title, not the quality of construction of the real property. A warranty deed is used in most real estate deed transfers and offers the greatest protection of any deed.

Water rights   A group of rights designed to protect the use and enjoyment of water that travels in streams, rivers, lakes, and ponds, gathers on the surface of the earth, or collects underground.  Water rights generally emerge from a person's ownership of the land bordering the banks of a watercourse or from a person's actual use of a watercourse. Water rights are conferred and regulated by judge-made common Law, state and federal legislative bodies, and other government departments. Water rights can also be created by contract, as when one person transfers his water rights to another.

Water table  the natural level at which water is located in a particular area, be it above or below the surface of the earth.

Water well   an excavation where the intended use is for location, acquisition, development, or artificial recharge of ground water.

Weekly activity report   a weekly written report given to an owner by a listing broker reviewing the sales activities conducted by the broker to sell the listed property.

Weep Screed   is a metal flashing at the foundation used to allow moisture drainage in porous walls and is required for all framed walls at the framed wall and foundation joint.   Stucco, stone and wood are porous materials, meaning they can absorb moisture. The weep screed provides the water a way of exit that has penetrated the exterior finish (stucco etc), weeping from the walls by gravity to the screed. The weep screed has drainage holes which provides a downward directional passage of the moisture from behind the stucco-stone or wood walls to exit.

Weighted average technique   when reconciling appraisal approaches, the application of a weight to each approach for averaging.

Wet Signature - simply means that it must be a human signature as opposed to an electronic one.  The original document is also required (as opposed to a faxed or emailed document), and usually must be in blue ink. When wet signatures are required, even a color copy will not suffice.

Wetlands   areas that are inundated or saturated by surface or ground water at a frequency and duration sufficient to support vegetation typically adapted for life in saturated soils.  Also referred to as bogs, marshes, sloughs and swamps.

Whisper Listings - off-market real estate deals, also referred to as "pocket listings," appear to be on the rise in major housing markets — and they're not just for luxury properties at $20 million or more. These top-secret listings, which are marketed off the MLS, are now happening among transactions below $1 million, as more sellers try to test the market without the commitment of officially putting their properties up for sale.

White Paper -  is a persuasive essay, and/or a document, that uses facts and logic to promote a certain product, service, or viewpoint.  It has also come to refer to as documents used by businesses as a marketing or sales tool.  For example :  white paper can be looked as an authoritative report or guide helping readers understand an issue, an organization's position or philosophy about a social, political, business and/or any subject for that matter.  With this information "at hand" to the reader - then one can use this given information to solve a problem, make a business and/or personal decision.

Wholesale agreements   an agreement of a loan originator to work exclusively with a single lender.

Will   a written document, properly witnessed, providing for the transfer of title to property owned by the deceased, called the testator.

Will-buy buyers   will-buy buyers are bargain-hunters looking for motivated "must-sell" sellers.

Will-sell sellers   unmotivated sellers who put their property on the market at an above-market price. Sellers who do not need to sell but will if the price is right.

Window well   the dugout area just outside of a basement window that can be used to escape in the event of a fire.

Wire confirmation   a document verifying that funds were wired to the appropriate institution. The wire confirmation will reflect the date, time, amount sent, the account the funds were wired to, and the loan number that the funds are to be applied to. The Title company (if a short sale, it will be the Closing Negotiator) will provide the wiring information at the time he/she approves the preliminary final Settlement Statement; this allows the title company to know where to wire the funds after closing.

Workers' compensation acts   laws that require an employer to obtain insurance coverage to protect his or her employees who are injured in the course of their employment.

Working level (WL)   a unit of measurement for documenting exposure to radon decay products. One working level is equal to approximately 200 pico curies per liter.

Workout  the various ways to offset a foreclosure or refinancing

Wraparound mortgage   a method of financing in which the new mortgage is placed in a secondary or subordinate position; the new mortgage includes both the unpaid principal balance of the first mortgage and whatever additional sums are advanced by the lender. Sometimes called an all-inclusive loan, an overriding loan or an overlapping loan. 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 disturbing the existence of the first mortgage. The entire loan combines two or more debts and is treated as a single obligation, and the wrap, or secondary, mortgagee pays the obligations of the first mortgage from the total payments received. While the wraparound lender makes the debt service payments on the first mortgage, the lender does not assume liability for this first lien. A default on the wraparound mortgage would usually result in a default on the underlying mortgage.

Writ of execution   a court order authorizing and directing an officer of the court (sheriff, police officer) to levy and sell property of the defendant to satisfy a judgement.


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