REAL ESTATE TERMS

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WAINSCOTING: Wood lining of an interior wall; lower section of a wall when finished differently from the upper part.

WAIVE: To relinquish, or abandon; to forego a right to enforce or require anything.

WARRANTY OF AUTHORITY: A representation by an agent to third persons that the agent has and is acting within the scope of authority conferred by his or her principal.

WARRANTY DEED: A deed used to convey real property which contains warranties of title and quiet possession, and the grantor thus agrees to defend the premises against the lawful claims of third persons. It is commonly used in many states but in others the grant deed has supplanted it due to the modern practice of securing title insurance policies which have reduced the importance of express and implied warranty in deeds.

WASTE: The destruction, or material alteration of, or injury to premises by a tenant.

WATER TABLE: Distance from surface of ground to a depth at which natural groundwater is found.

WEAR AND TEAR: Depreciation of an asset due to ordinary usage.

WILL: A written, legal declaration of a person expressing his or her desires for the disposition of that person's property after his or her death.

WRAP AROUND MORTGAGE: A financing device whereby a lender assumes payments on existing trust deeds of a borrower and takes from the borrower a junior trust deed with a face value in an amount equal to the amount outstanding on the old trust deeds and the additional amount of money borrowed.

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