Dictionary of Terms - W

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W

Wainscoting: The finishing of the lower section of a wall with a different material than the remainder of the wall. For example, paneling up to 30" in a dining area or ceramic tile up to 42" in a bathroom.
Warehouse Fee: A closing cost fee representing the lender's cost of holding a borrower's loan temporarily before it is sold on the secondary mortgage market.
Warranty Deed: A deed in which the grantor fully warrants good clear title to the property.
Waste: An improper use or an abuse of a property by a possessor who holds less than fee ownership such as a tenant life tenant mortgagor or vendee. Such waste ordinarily impairs the value of the land or the interest of the person holding the title or the reversionary rights.
Water Rights: Common Law rights held by owners of land adjacent to rivers, lakes or oceans and includes restrictions on those rights and land ownership.
Will: A written document, properly witnessed providing for the transfer of title to property owned by the deceased called the testator.
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.
Wraparound Loan: A method of refinancing 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 what' ever additional sums are advanced by the lender. 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 disturbing the existence of the first mortgage.
Wraparound Mortgage: A loan given to a buyer for the remaining balance on a seller's first mortgage and an additional amount requested by the seller. Payments on both amounts are made to the lender who holds the wraparound loan.





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