Real Estate terms starting with W

8 terms

1. Walk Through An inspection of a property by the prospective buyer prior to closing on a mortgage.
2. Walkthrough A common clause in a sales contract that allows the buyer to examine the property being purchased at a specified time immediately before the closing, for…
3. Warranties Written guarantees of the quality of a product and the promise to repair or replace defective parts free of charge.
4. Warranty Deed A document protecting a homebuyer against any and all claims to the property.
5. Weighted Average Life (WAL) average number of years for which each dollar of unpaid principal on a loan or mortgage remains outstanding.
6. Work Out a way to resolve or restructure a loan to prevent a homeowner from going into foreclosure through a loan modification, forbearance or short sale.
7. Wraparound mortgage A loan arrangement in which an existing loan is retained and an additional loan is combined with the existing loan.
8. Wrought Iron Iron that is worked by being forged or hammered.