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Mortgage / Loan Terms

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

W

Waive

To knowingly abandon, relinquish, or surrender a right, benefit, or claim.

Warranty

A legal, binding, promise, given at the time of a sale, whereby the seller gives the buyer certain assurances as to the condition of the property being sold. Warranties as to real property have taken on a lesser role with the increase of the use of title insurance.

Warranty Deed

A deed used in many states to convey fee title to real property. Until the wide spread use of title insurance, the warranties by the grantor were very important to the grantee. When title insurance is purchased, the warranties become less important as a practical means of recovery by the grantee for defective title.

Without Recourse

A finance term. A mortgage or deed of trust securing a note without recourse allows the lender to look only to the security (property) for repayment in the event of default, and not personally to the borrower.

Working Drawing

Drawing used by workman in construction. Shows all structural detail such as electric, plumbing, partitions, etc.

Wrap-Around Mortgage

A second or junior mortgage with a face value of both the amount it secures and the balance due under the first mortgage. The mortgagee under the wrap-around collects a payment based on its face value and then pays the first mortgagee. It is most effective when the first has a lower interest rate than the second, since the mortgagee under the wrap-around gains the difference between the interest rates, or the mortgagor under the wrap-around may obtain a lower rate then if refinancing.

Y

Yacht Basin

A system of docks and channels used for the keeping of yachts and similar boats.

Yard

(1) A measure of 36". (2) The area between the building and property line of a residential property (back yard, side yard, front yard).

Yield

Ratio of income from an investment to the total cost of the investment over a given period of time.

Z

Zero Lot Line

The construction of a building on any of the boundary lines of a lot. Usually built on the front line such as a store built to the sidewalk.

Zero Side Yard

The building of a subdivision with each house built on a side boundary line. This gives more usable yard space on narrow lots. An easement for maintenance is given over a portion of the lot adjoining each house.

Zone

(1) An area of a county or city in which the use of the land is restricted by law (zoning ordinance). (2) An area designated by a number for the delivery of mail. Zip codes incorporate the zones.

 
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