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Real Estate Dictionary W X Y Z
"waive" - "zoning bylaw"
We try to provide as much information as possible to buyers of Ocala Real Estate. These terms and definitions apply pretty much nation wide, and we try to update with terms specifically relating to Florida Real Estate as soon as we come across something we've missed. We welcome your comments and suggestions!
WAIVE:
To relinquish, or abandon; to forego a right to enforce or require
anything.
WAIVER:
Relinquishing a right.
WALK-THROUGH
INSPECTION:
A physical examination of the property which usually takes place
immediately prior to closing to ensure that no changes have taken place and no
new damage has been done to the property. May also be used to confirm that
fixtures and chattels included in the sale remain on the premises.
WALKUP:
A small apartment building with rental units on upper floors and no
elevator. The tenant literally has to walk up to her apartment unit.
WAREHOUSE:
A large building used for receiving and storing goods, materials or
merchandise.
WAREHOUSE FEE:
Charge to a borrower to cover the costs of the lender taking short term
loans from other lenders to cover the borrower's mortgage.
WAREHOUSING:
Using existing loans as security for another loan. Warehousing involves
mortgage portfolios.
WARRANTY:
A signed statement which guarantees the condition or continued usefulness
of an asset or guarantees the truth of the facts set out in the statement. The
person signing is legally liable if the statement turns out to be untrue or if
the asset proves in worse condition than stated.
WARRANTY DEED:
A deed used to convey real property which contains warranties of title
and quiet possession, and the grantor, thus, agrees to defend the premises
against the lawful claims of third persons.
WASTE:
The destruction, or material alteration of, or injury to premises by a
tenant for life or years.
WASTELAND:
1. (With "The"), A classic American poem of the early 20th Century by
Thomas Stearns Eliot.
2. A property which cannot be developed for profitable use.
WATER COURSE:
Any conduit of running water which occurs naturally on land: a river,
stream, brook.
WATER RIGHTS:
The legal right to use water from a water course or body of water on a
property.
WATER TABLE:
Distance from surface of ground to a depth at which natural groundwater
is found.
WEAR AND TEAR:
The term for the reduction in value of an asset resulting from normal
use.
WEEKLY PAYMENTS:
An alternative to the more traditional monthly payments on a loan or
mortgage. Results in faster pay-down of principal, lower total interest paid.
WETLANDS:
Lands restricted for development as a result of their proximity to bodies
of water and the fact that they are occasionally or often flooded. May also be
environmentally sensitive.
WILL:
A document that provides for the disposition of property upon a person's
death.
WIRE TRANSFER:
The movement of funds from one place to another electronically.
WOOD DESTROYING
ORGANISM REPORT (WDO):
See TERMITE REPORT.
WORK ORDER:
A requirement by a local government body for work to be performed on a
property so as to bring it into conformance with local regulations.
WRAPAROUND MORTGAGE:
Involves the borrower entering into a second mortgage. This arrangement
represents the means by which he can add to his development without refinancing
the first mortgage at substantially higher current rates.
WRIT OF EXECUTION:
A court order used to sell property to satisfy a debt.
XYZ
YIELD:
The interest earned by an investor on his investment. Also called
"return".
ZERO LOT LINE:
A zoning regulation which allows certain properties to have buildings
placed up to the line dividing separate properties.
ZONE:
The area set off by the proper authorities for specific use; subject to
certain restrictions or restraints.
ZONING:
Act of city or county authorities specifying type of use to which
property may be put in specific areas.
ZONING BYLAW:
A rule passed by the local government which regulates the use of property
according to its location within the municipality, placement of structures on
the property, maximum floor area, minimum lot area, minimum floor-to-lot area
ratios, etc.