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Term Definition
Waiver

The voluntary and intentional relinquishment of a known right, claim or privilege.

Warranty

In a broad sense, an agreement or undertaking by a seller to be responsible for present or future losses of the purchaser occasioned by deficiency or defect in the quality, condition or quantity of the thing sold. In a stricter sense, the provision or provisions in a deed, lease or other instrument conveying or transferring an estate or interest in real estate under which the seller becomes liable to the purchaser for defects in or encumbrances on the title. (See Title Covenants.)

Warranty Deed

A deed containing express covenants of varying kinds, e.g., covenants of seisin and the right to convey, against all encumbrances, for quite enjoyment, etc., commonly used in many states.

Waste

The destruction or injury to premises by a tenant.

The impairment in value by a life tenant or by a mortgagor or trustor.

Water Right

Right of a landowner to use water bordering on or underneath his land.

Way of Necessity

Generally, a easement for a roadway which the owner of a landlocked tract is entitled to acquire across adjoining land in order to provide a means of ingress and egress with respect to the landlocked property.

Will

A testamentary disposition of property, usually in a form prescribed by law, that takes effect upon death.

Wrap-around Mortgage

A method of refinancing in which a second lender assumes payment of the present mortgage and gives the mortagagor an increased mortgage at a higher interest rate. See also "All-Inclusive Deed of Trust."

Writ of Execution

A direct command from the court to the sheriff to carry out the action required in the writ, usually to seize property and sell it to pay a money judgment.

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