| Waiver - A legal term signifying that a party has given up
legal rights she/he would otherwise have; the renunciation, or surrender of some claim,
right, or privilege. |
| Warranty Deed - A deed that transfers ownership of real
property and in which the grantor guarantees that his/her title is free and clear of all
encumbrances. Term normally used to refer to a general warranty -deed. |
| Waste - A destruction or material alteration or
deterioration of the land or buildings thereon done or permitted by any person in rightful
possession to the lasting injury of the interest of the owner of the fee simple title,
reversioner, or remainderman. |
| Water Rights - Property rights incident to the ownership of
land whereby one is entitled to rights to a supply of water. See Riparian Rights. |
| Will - A written document which, when properly executed,
signed, and witnessed, is effective at the death of the maker to dispose of his/her
property according to the terms of the document. |
| Willful Misrepresentation - (a) The intentional
misrepresentation of a material fact by a party with "actual knowledge" of the
truth of the matter being misrepresented; (b) The misrepresentation of a material fact by
a party who does not have actual knowledge of the fact being represented, but who acts
"without regard for the actual truth of the matter." |
| Willful Omission - The
intentional failure to disclose a material fact about which a party has actual knowledge. |
| Wood-Destroying Insect Inspection
Report - A report provided by a licensed pest control operator indicating that an
improved property has been inspected and reporting any visible evidence of infestation and
structural damage by various wood- destroying insects (including termites), as well as
conditions conclusive to such pests. Sometimes referred to by the old term "termite
inspection report" or by the term "pest inspection report." |
| Wraparound Mortgage - A second Junior mortgage in which the
secured indebtedness (face amount of second mortgage note) is the sum of the new financing
desired plus the principal balance due on the first mortgage. Such a second mortgage is
thus said to "wrap around" the first mortgage. The mortgagee under the second
(wrap-around) mortgage may be either the first mortgage lender-mortgagee or a third party
lender (usually the latter). In any event, the mortgagor under the first mortgage remains
liable for the debt secured by that mortgage, even if the new second mortgagee makes the
payments on the first mortgage out of the payments received on the second (wrap-around)
mortgage. |
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