Real Estate Terms Glossary - W

· Wainscoting   Wood paneling, tongue-and-groove boards or similar material installed between a baseboard and a chair rail.

· 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.

· Warranty   A legally binding promise to do something in the future.

· Wetlands   Watery areas such as swamps, marshes and floodplains.

· Wild deed   An improperly recorded deed.

· Will   The most basic legal document outlining the disposition of a person's estate in the event of death.

· 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 to a buyer for the remaining balance on a seller's first mortgage and an additional amount requested by the seller. Payments on both loans are made to the lender who holds the wraparound loan.