Real Estate Glossary W

Wainscoting - Wood paneling, tongue and groove boards or similar material installed between a baseboard and a chair rail.

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.  

Warehousing - A term used in financing to describe the process which loan correspondents employ, assembling into one package a number of mortgage loans which the correspondent has originated and selling them in the secondary mortgage market.

Warranty deed - A deed in which the grantor fully warrants good clear title to the premises. Also called a general warranty deed.

Waste - An improper use or abuse of property by one in possession of land, who holds less than the fee ownership, such as a tenant, life tenant, mortgagor, or vendee.

Wear and tear - The gradual physical deterioration of property, resulting from use, passage of time and weather. Only property subject to wear and tear is depreciable.

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.