- WAIVE
- To give up a right.
- WAIVER
- Giving up of certain rights or privileges. The relinquishment may be voluntary and knowing, or it may occur involuntarily through action of the parties. The action resulting in the waiver is unilateral, and requires no action or reliance by the other party.
- WARRANTY
- An absolute undertaking or promise that certain facts are as represented. Occasionally used interchangeably with guarantee.
- WARRANTY DEED
- A deed that is used to convey real property and that contains warranties of title and quiet possession; the grantor the lawful claims thus agrees to defend the premises against of third persons. It is commonly used in other states, but in California the grant deed has replaced it. Used predominantly in states that do not have title insurance companies. This deed contains six full warranties of protection to the buyer, including warranties that the seller owns the property, that it is unencumbered, and that the seller will defend title against any defects.
- WARRANTY OF HABITABILITY
- Implied warranty in residential leases. The landlord covenants by implication that the premises are suitable for human occupancy. The implied warranties are found in the statutes and implied by common law.
- WASTE
- The destruction, or material alteration of or injury to premises by a tenant-for-life, or tenant, or tenant-for-years. Example: a tenant cutting down trees or mining coal. The destruction, injury, material alteration, or abusive use of property by a person rightfully in possession, but who does not own the fee or entire estate (for example, by a lessee or life tenant).
- WATER TABLE
- Distance from the surface of the ground to a depth at which natural ground water is found.
- WILL
- A document that directs the disposition of one's property after death.
- WITNESSED WILL
- A formal will, signed by the testator in the presence of two or more witnesses, each of whom must also sign the will.
- WRAP AROUND MORTGAGE (DEED OF (See All-Inclusive Deed of Trust.) TRUST) WRAP-AROUND DEED OF TRUST
- A sophisticated financing package that permits the seller to sell his property without paying off the outstanding deed of trust. The buyer's larger loan, which is used to purchase the property, includes provisions for paying off the seller's existing loan.
- WRIT
- A process of the court under which property may be seized. An order from the court to the sheriff or other law enforcement officer directing and authorizing a specific act.
- WRIT OF ATTACHMENT
- A writ authorizing and directing the physical attachment (seizure) of property.
- WRIT OF EXECUTION
- An order directing the sheriff to sieze property to satisfy a judgment.
- WRIT OF IMMEDIATE POSSESSION
- An order authorizing a landlord to obtain immediate possession of a tenant's premises, pending the outcome of an unlawful detainer action or other court proceeding.
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