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WAIVER

The voluntary and intentional relinquishment of a known right, claim, or privilege.

WAREHOUSING

In title industry parlance, the temporary funding and holding by a lending institution of mortgages originated by a mortgage broker, until such time as the mortgage market improves or until the mortgage broker accumulates a sufficient amount of mortgages to sell to a permanent mortgage purchaser.

WARRANTY

In a broad sense, it is an agreement or undertaking by a seller to be responsible for present or future losses of the purchaser occasioned by deficiency or defect in quality, condition, or quantity of the thing sold. In a stricter sense, it is the provision or provisions in a deed, lease, or other instrument conveying or transferring an estate or interest in real estate under which the seller becomes liable to the purchaser for defects in or encumbrances on the title. (See "Title Covenants." )

WARRANTY DEED

A deed containing one or more title covenants. (See "Title Covenants." )

WASTE

(1) The destruction or injury to premises by a tenant. (2) The impairment in value by a life tenant or by a mortgagor.

WATER DAMAGE

Vehicle has sustained water damage.

WAY OF NECESSITY

Generally, an easement for a roadway which the owner of a landlocked tract is entitled to acquire across adjoining land in order to provide a means of ingress and egress with respect to the landlocked property.

WILL

(1) An instrument executed by a competent person, in the manner prescribed by law, whereby he makes disposition of his property to take effect on and after his death. (2) A holographic will is a will entirely written and signed by the testator in his own handwriting. In some states some of the legal requirements regarding the execution of wills do not apply in the case of holographic wills. (3) A nuncupative will is one made orally before witnesses, usually during the testator's last hours of life. Under English law, sailors and soldiers may make nuncupative wills any time during their military service.

WRAP-AROUND MORTGAGE

A method of financing in which a second lender assumes payment of the present mortgage and gives the mortgagor an increased mortgage at a higher interest rate.

WRIT

A formal legal document issued by a court ordering or prohibiting the performance of some action. There are at least a hundred deferent kinds of writs each covering a different action or subject. In most writs an officer of the court, such as the sheriff, is directed to serve the writ or carry out its directions.

WRIT OF EXECUTION

A direct command from the court to the sheriff to carry out the action required in the writ. It may be to hang a convicted criminal, or to seize property and sell it to pay a money judgment.