Real Estate definitions beginning with W

The final inspection of a property being sold by the buyer to confirm that any contingencies specified in the purchase agreement such as repairs have been completed, fixture and non-fixture property is in place and confirm the electrical, mechanical, and plumbing systems are in working order.
US Department of Housing and Urban Development - Cite This Source - This Definition
An inspection of a property by the prospective buyer prior to closing on a mortgage.
Ginnie Mae - Cite This Source - This Definition
Browse Related Terms: Amenity, Home Inspection, Price Range, Termite Inspection

Written guarantees of the quality of a product and the promise to repair or replace defective parts free of charge.
Federal Trade Commission - Cite This Source - This Definition
Browse Related Terms: Chapter 7 Bankruptcy, consideration, Delayed exchange, Replacement Cost, Tax-free exchange

A legal document that includes the guarantee the seller is the true owner of the property, has the right to sell the property and there are no claims against the property.
US Department of Housing and Urban Development - Cite This Source - This Definition
A document protecting a homebuyer against any and all claims to the property.
Ginnie Mae - Cite This Source - This Definition
Browse Related Terms: Assignment of Mortgage, Deed, Ownership, Quitclaim deed, tax deed, Title

Also listed in

A loan arrangement in which an existing loan is retained and an additional loan is combined with the existing loan. The new lender accepts the obligation to make payments on the old loan. The existing loan generally carries an interest rate below the rate on new loans. Sellers are the most common wraparound lenders. (Technically, a wraparound is a second or junior mortgage, but for this survey, it is treated as a first mortgage.)
U.S. Census Bureau - Cite This Source - This Definition
Browse Related Terms: Application Fee, Assumption Fee, Borrower, loan origination fee, Loan Origination Fees, Origination fee, Predatory Lending, Purchase price, Underlying mortgage, Up Front Charges

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