REAL ESTATE DICTIONARY
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| WAGE EARNER PLAN | A nickname for Chapter 13 bankruptcy |
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The renunciation, abandonment, or surrender of a right, claim, or privilege. |
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WARRANTY DEED |
A deed that contains a covenant that the grantor will protect the grantee against any claimant. |
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WASTE |
Willful destruction of any part of the ;and which would injure or prejudice the landlord's reversionary right |
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WATERLINE |
High waterline is the point on the shore to which the tide normally rises; varies. Low waterline is the lowest point of tide, from which the tide does not ebb; varies. |
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WETLANDS |
Land areas that are inundated by surface or ground water with sufficient frequency to support vegetable or animal life that requires hydric soils for growth and reproduction. |
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WILDLIFE MANAGEMENT |
Application of scientific and technical principles to wildlife populations and habitats so as to maintain such populations for ecological, scientific, or recreational purposes. |
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WITHDRAWN LANDS (withdrawn public lands) |
Public domain held back for the use or benefit of an agency by reservation, withdrawal, or other restrictions for a special government purpose. |
| WITHOUT RECOURSE | Words used in endorsing a note or bill to denote that the future holder is not to look to the endorser in case of nonpayment |
| WORKOUT | The process by which a borrower comes to a mutually acceptable financial arrangement with a lender in order to avoid an impending foreclosure |
| WRAPAROUND | A type of mortgage in which the obligation to pay a second-or later-lien mortgage includes the obligation to pay an earlier-lien mortgage. The later mortgage wraps around the earlier mortgage. Default on the earlier-lien mortgage is automatically a default on the later-lien mortgage |
| WRAPAROUND LOAN | A new loan encompassing any existing loans |
| WRITE OF EXECUTION | A court order authorizing the holder to seize and sell a debtor’s property to pay off a judgment |
| WRIT OF GARNISHMENT | A court order commanding a person who holds assets for another person, such as a banker who holds funds on deposit, and employer who holds a paycheck or a stock broker who holds an account for an investor, to give those assets up to a creditor |
| WRIT OF POSSESSION | A court document that authorizes a constable or other officer of the law to break down a tenant’s door, drag the tenant from the premises and throw the tenant’s belongings out of the house or apartment |
| WRONGFUL FORECLOSURE | A foreclosure that was legally improper and that caused a borrower to suffer damages |
