Real Estate Glossary - W thru Z

Waiver - The voluntary relinquishment or surrender of a right.

Warrant System - In construction lending, a system in which bills are presented to the lender for direct payment to the supplier or laborer.

Warranty, Implied - In a sale or lease or property, a guarantee created by operation of law, whether or not the seller or landlord intended to offer it.

Washington Land Development Act - A Washington state consumer protection law that requires a subdivision developer to provide a Public Offering Statement (which contains information about the development) to prospective purchasers.

Washington Law Against Discrimination - A state law that is stricter than the Fair Housing Act in its prohibition against discrimination in housing and other transactions on the basis of race, creed, color, national origin, sex, marital status, familial status, disability, or use of a service animal.

Waste - Destruction, damage, or material alteration of property by someone in possession who holds less than a fee estate (such as a life tenant or lessee), or by a co-owner.

Water Rights - The right to use water from a body of water.

Water Table - The level at which water may be found, either at the surface or underground.

Will - A person's stipulation regarding how his or her estate should be disposed of after he or she dies. Also called a testament.

Will, Formal - A will that meets the statutory requirements for validity; it must be in writing and signed in the presence of at least two competent witnesses.

Will, Holographic - A will written entirely in the testator's handwriting, which may be valid even if it was not witnessed. Not recognized in Washington .

Will, Nuncupative - An oral will made on the testator's deathbed; valid only as to bequests of personal property worth under $1,000.

Without Recourse - A qualified or conditional endorsement on a negotiable instrument, which relieves the endorser of liability under the instrument.

Writ of Execution - A court order directing a public officer (usually the sheriff) to seize and sell property to satisfy a debt.

Writ of Possession - A court order issued after an unlawful detainer action, informing the tenant that he or she must vacate the landlord's property within a specified period or be forcibly removed by the sheriff.

Y

Yield - The return of profit to an investor on an investment, stated as a percentage of the amount invested.

Z

Zone - An area of land set off for a particular use or uses, subject to certain restrictions.

Zoning - Government regulation of the uses of property within specified areas.

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