Real Estate City Glossary

Real Estate City Glossary W
(Waiver - Warranty)

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Waiver
Voluntary relinquishment of rights or claims.

Waiver of Lien
Voluntarily relinquishing the right of a lien, usually temporarily. This waiver may be explicitly stated or implied.

Walk-out Basement
Type of basement that allows a door to open into the yard because the basement is at ground level.

Walkaway Risk
Risk that occurs when a buyer or seller decides not to go through with the transaction. If property is not sold at the offered price, that price may not be realized at a later date. Same situation exists for buyer.

Walkup
Building of two or more floors with no way to be accessed except through stairs. This type of building is usually in cities.

Walk-through
Final inspection of the home by buyer to check if the conditions in the contract have been satisfied.

Wall Furnace
A small furnace that is placed between the studs in a wall.

Wall Heater
Heater that heats the surrounding area from where it is attached on the wall.

Warranted Price
Considered fair amount for a real estate transaction, which can be justified by the conditions involved in the exchange.

Warranty
Legally binding agreement to do something.