| Waive |
To relinquish, or abandon. To forego a right to enforce or
require anything. |
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| Waiver |
The intentional or voluntary relinquishment of a known claim
or right. |
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| Warehouse |
A closing-cost fee representing the lender's cost of holding a
borrower's loan temporarily prior to being sold on the secondary mortgage
market. |
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| Warranty Deed |
A deed used to convey real property which contains warranties
of title and quiet possession, and the grantor agrees to defend the premises
against the lawful claims of third persons. |
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| Wraparound Mortgage |
Results when an existing assumable loan is combined with a new
loan, resulting in an interest rate somewhere between the old rate and the
current market rate. The payments are made to a second lender or the previous
homeowner, who then forwards the payments to the first lender after taking the
additional amount off the top. |
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| Writ of Execution |
A court order which authorizes and directs the proper officer
of the court (usually the sheriff) to carry into effect the judgment or decree
of the court. |