Wednesday, May 8, 2024, 11:54 AM
Site: Burk Baker School of Real Estate & Appraising
Course: DEMO (DE101)
Glossary: Real Estate Glossary
W
WARRANTY DEEDA deed in which the grantor fully warrants a good clear title to the property; a deed that contains covenants of title. |
WASTEWillful destruction of any part of the land which would injure or prejudice the landlord's reversionary right. |
WILLA legal declaration of a person's wishes as to the disposition of his property after his death. |
WRAP-AROUND MORTGAGEA wrap-around mortgage is a vehicle sometimes used to provide secondary or additional financing. It is a mortgage which includes within its lien an existing or prior mortgage. The wrap-around mortgage assumes the existing or prior mortgage, includes it with any additional financing being provided, creates a new mortgage for the total amount and therefore, advances to a primary position. The mortgagor then makes one payment for the total amount to the wrap-around mortgagee, who in turn maintains the debt service on the prior obligation. |
WRIT OF EXECUTIONA writ or court order authorizing and directing an officer of the court to carry out the judgment or decree of the court. |