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Glossary > W
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. Usually
happens hours before the buyer and seller meet at closing.
Wallboard
Sheets of compacted gypsum with a paper exterior. Also
known as dry wall, sheetrock, gypsum board and plaster board.
Warehouse fee
A closing cost fee representing the lender's cost of holding
a borrower's loan temporarily before it is sold on the secondary
mortgage market.
Warranty
A legally binding promise to do something in the future.
Water table
The level at which the ground is saturated with water.
Watt
The unit used to measure the rate at which a device consumes
electricity.
Weather stripping
Individual lengths of rubber or plastic used to plug air leaks
around doors and window frames.
Weep holes
Spaces or small openings left in a masonry wall to allow water
to drain from behind the wall.
Western style
A style of cabinet with a face frame around the front opening.
Wetlands
Watery areas such as swamps, marshes and floodplains.
Wild deed
An improperly recorded deed.
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 given to a buyer for the remaining balance on a seller's
first mortgage and an additional amount requested by the seller.
Payments on both amounts are made to the lender who holds
the wraparound loan.
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