WAIVER:
The voluntary and intentional relinquishment of
a known right, claim, or privilege.
WAREHOUSING:
In title industry parlance, the temporary funding
and holding by a lending institution of mortgages
originated by a mortgage broker, until such time
as the mortgage market improves or until the mortgage
broker accumulates a sufficient amount of mortgages
to sell to a permanent mortgage purchaser.
WARRANTY:
In a broad sense, it is an agreement or undertaking
by a seller to be responsible for present or future
losses of the purchaser occasioned by deficiency
or defect in quality, condition, or quantity of
the thing sold. In a stricter sense, it is the
provision or provisions in a deed, lease, or other
instrument conveying or transferring an estate
or interest in real estate under which the seller
becomes liable to the purchaser for defects in
or encumbrances on the title. (See "Title
Covenants.")
WARRANTY
DEED:
A deed containing one or more title covenants.
(See "Title Covenants.")
WASTE:
(1) The destruction or injury to premises by a
tenant. (2) The impairment in value by a life
tenant or by a mortgagor.
WAY
OF NECESSITY:
Generally, an easement for a roadway which the
owner of a landlocked tract is entitled to acquire
across adjoining land in order to provide a means
of ingress and egress with respect to the landlocked
property.
WILL:
(1) An instrument executed by a competent person,
in the manner prescribed by law, whereby he makes
disposition of his property to take effect on
and after his death. (2) A holographic will is
a will entirely written and signed by the testator
in his own handwriting. In some states some of
the legal requirements regarding the execution
of wills do not apply in the case of holographic
wills. (3) A nuncupative will is one made orally
before witnesses, usually during the testator's
last hours of life. Under English law, sailors
and soldiers may make nuncupative wills any time
during their military service.
WRAP-AROUND
MORTGAGE:
A method of financing in which a second lender
assumes payment of the present mortgage and gives
the mortgagor an increased mortgage at a higher
interest rate.
WRIT:
A formal legal document issued by a court ordering
or prohibiting the performance of some action.
There are at least a hundred deferent kinds of
writs each covering a different action or subject.
In most writs an officer of the court, such as
the sheriff, is directed to serve the writ or
carry out its directions.
WRIT
OF EXECUTION:
A direct command from the court to the sheriff
to carry out the action required in the writ.
It may be to hang a convicted criminal, or to
seize property and sell it to pay a money judgment.
