Real Estate Glossary - Letter W

• 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.
• Warranty — A legally binding promise to do something in the future.
• Wetlands — Watery areas such as swamps, marshes and floodplains.
• Wild deed — An improperly recorded deed.
• Will — The most basic legal document outlining the disposition of a person's estate in the event of death.
• Window light — An individual pane of glass.
• Window seat — A bench built under an interior window.
• 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 to a buyer for the remaining balance on a seller's first mortgage and an additional amount requested by the seller. Payments on both loans are made to the lender who holds the wraparound loan.