Glossary of Terms in Real Estate

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Wainscoting

Wood paneling, tongue-and-groove boards or similar material installed between a baseboard and a chair rail.

Waiver

A voluntary relinquishing of certain rights or claims.

Walk-out basement

A feature that allows a door to open onto ground level.

Walk-through

A buyer's final inspection of the home to determine if conditions in the purchase agreement have been satisfied.

Warranty

A legally binding promise to do something in the future.

Wetlands

Watery areas such as swamps, marshes and floodplains.

Wild deed

An improperly recorded deed.

Will

The most basic legal document outlining the disposition of a person's estate in the event of death.

Window light

An individual pane of glass.

Window seat

A bench built under an interior window.

Window well

A curved, corrugated steel insert used to isolate basement windows from moisture if they're below the soil line.

Window well covers

Curved plastic covers designed to be installed on top of a window well to cover the opening.

Wraparound mortgage

A loan to a buyer for the remaining balance on a seller's first mortgage and an additional amount requested by the seller. Payments on both loans are made to the lender who holds the wraparound loan.