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| Waiver | The intentional relinquishment or abandonment of a specific claim, privilege, or right. |
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| Warehouse | A building used to store merchandise and other |
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| Warehousing | A term used in financing to describe the process which loan correspondents employ, assembling into one package a number of mortgage loans which the correspondent has originated and selling them in the secondary mortgage market. |
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| Warranty | A guaranty by the seller, covering the title as well as the physical condition of the property. |
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| Warranty Deed | A deed in which the grantor fully warrants good clear title to the premises. Also called a general warranty deed. |
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| Warranty of Possession | This is the old "quiet enjoyment" paragraph, which of course had nothing to do with noise in and around the leased premises. It provides a warranty by Landlord that it has the legal ability to convey the possession of the premises to Tenant; the Landlord does not warrant that he owns the land. This is the essence of the landlord’s agreement and the tenant’s obligation to pay rent. This means that if the landlord breaches this warranty, it constitutes an actual or constructive eviction. |
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| Waste | An improper use or abuse of property by one in possession of land, who holds less than the fee ownership, such as a tenant, life tenant, mortgagor, or vendee. |
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| Wear and Tear | The gradual physical deterioration of property, resulting from use, passage of time and weather. Only property subject to wear and tear is depreciable. |
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| Weighted Average Rental Rates | The mean proportion or medial sum made out of the unequal rental rates in two or more buildings within a market area. |
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| Work Letter | An amount of money that a landlord agrees to spend on the construction of the interior of a space per the lease, usually negotiated. |
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| Working Drawings | The set of plans for a building or project that comprise the contract documents that indicate the precise manner in which a project is to be built. This set of plans includes a set of specifications for the building or project. |
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| Wrap-Around Mortgage | A method of refinancing in which the new mortgage is placed in a secondary or subordinate position. 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 cashing out or distributing the existence of the first mortgage. |
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