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REAL ESTATE DICTIONARY
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| 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. |
| wallboard Sheets of compacted gypsum with a paper exterior. Also known as dry wall, sheetrock, gypsum board, and plaster board. |
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warehouse fee A closing-cost fee representing the lender's cost of holding a borrower's loan temporarily before it is sold on the secondary mortgage market. |
| warranty A legally binding promise to do something in the future. |
| water table The level at which the ground is saturated with water. |
| watt The unit used to measure the rate at which a device consumes electricity. |
| weather stripping Individual lengths of rubber or plastic used to plug air leaks around doors and window frames. |
| weep holes Spaces or small openings left in a masonry wall to allow water to drain from behind the wall. |
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Western style A cabinetry term referring to a style of cabinet with a face frame around the front opening. |
| wetlands Watery areas such as swamps, marshes and floodplains. |
| wild deed An improperly recorded deed. |
| will A legal document outlining the disposition of a person's estate in the event of his or her death. |
| window light An individual pane of glass. |
| window seat A bench built under an interior window. |
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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 given to a buyer for the remaining balance on a seller's first mortgage and an additional amount requested by the seller. Payments on both amounts are made to the lender who holds the wraparound loan. |
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