WAINSCOTING -
The covering of an interior wall with wood (tiles, panels, etc.) from the floor to a point approximately half way to the ceiling with the remaining portion either painted, wallpapered, or covered with a material different from the lower portion.
WAVE -
To knowingly abandon, give up, surrender, or relinquish a right, claim, or benefit.
WAVER -
to relinquish a right. A subcontractors waver of their mechanic's lien rights in order for the owner (usually a builder) to obtain draws under a construction loan.
WARM AIR HEATING SYSTEM -
Hot air or forced hot air heating system. Describes a system where the air is heated in a furnace an is circulated through ducts. Enables the addition of central air conditioning where as a forced hot water system may not.
WARRANT -
To legally assure that title conveyed is good and that possession will be undisturbed.
WARRANTY -
A legal, binding promise given at the time of sale whereby the seller gives the buyer certain assurances as to the condition of the property being sold.
WARRANTY DEED -
A deed used in may states to convey fee title to real property.
WATERFRONT -
Property fronting on a body or water.
WATER HOLDING CAPACITY -
The amount of water a given type and amount of soil will absorb and hold under normal conditions. The amount is expressed as a percentage of the soil's own weight when dry.
WATER TABLE -
The depth measured from the surface to where natural underground water as found.
WEAR AND TEAR -
The deterioration or loss in value caused by the normal and reasonable use of the property. In leases, the tenant is not usually responsible for normal wear and tear.
WEATHERING -
The deterioration of the exterior of a structure caused by exposure to weather.
WEATHER-STRIPPING -
Strips of metal or felt, etc. installed between a window or door and its casing to keep out wind, moisture and other elements of weather.
WEEP HOLE -
Small hole in a retaining wall where it is necessary to drain off excess water to avoid pressure build-up.
WELL -
A hole or shaft dug into the ground to obtain water, gas, oil, etc.
WILD INTEREST -
An interest of record which cannot be traced in the chain of title. Often caused when an incorrect legal description appears in a document. A woman could obtain title under her maiden name and sell under her married name leaving no clear chain of ownership.
WINDBREAK -
Any natural or artificial structure which shelters by breaking the force of wind.
WINDOW SILL -
The bottom framing member of a window casing.
WITHOUT RECOURSE -
A finance term. A mortgage or deed of trust securing a note without recourse allows the lender to look only to the property as security.
WOOD FRAME CONSTRUCTION -
Buildings in which the walls, roof and floors are constructed of wood. The exterior covering may be of any material such as stucco, brick etc.
WRAP-AROUND MORTGAGE -
A loan in which a new loan is added to the existing first mortgage loan.
WRIT OF EXECUTION -
A writ to carry out a judgment or decree of the court.
WYTHE -
1)A partition in a chimney which contains more than one flue, separating the flues. 2) A whythe refers to the thickness of a brick wall. A wall comprised of two bricks deep is referred to as two whythes.