Real Estate Definitions - W


WAC:
Washington Administrative Code; the administrative rules and regulations passed by the Real Estate Commissioner in Washington.
Warehousing:
The act of putting several loans together as a package investment and then selling that package to an investor. When mortgage brokers do this they often charge a "Warehousing Fee" to their borrowers.
Warranty Against Encumbrances:
(Covenant Against Encumbrances) A promise in a Warranty Deed that there are no encumbrances against the property other than those that the buyer knows about and is willing to accept.
Warranty Deed:
(General Warranty Deed or Full Covenant and Warranty Deed) The best deed from the grantee's standpoint. The grantor is promising that there are no unrevealed flaws against the title and warrants to clear any that prove to have been existent.
Washington Deed Law:
The Warranty, Bargain and Sale, and Quitclaim Deeds have a statutory (State required) form in Washington. Their Warranty Deed is a combination of the General Warranty and Special Warranty Deeds that only contains 3 warranties or covenants
Washington Real Estate Commission:
An appointed Advisory Commission that prepares licensing exams, approves educational courses and advises the director of licensing regarding rules and regulations.
Waste:
Damage, misuse, or abuse, beyond normal wear and tear of an estate in which someone other than the user holds a Reversionary interest.
Witnessed Will:
A written, signed and witnessed document that is capable of legally conveying both real and personal property at the person's death. A will is an Inchoate, incomplete future interest, and is subject to change by the Testator during his lifetime. A will is not an encumbrance on property during the lifetime because it only goes into effect at death.
Wrap-Around Loan:
(All Inclusive Loan) A junior loan that includes and usually covers the payments on the preceding loan or loans.
Writ of Assistance:
A court order enabling the sheriff to remove a problem tenant from a property.
Writ Of Attachment:
A writ filed during a lawsuit which prevents the debtor from transferring a specific property involved in that lawsuit.
Writ Of Execution:
The court document a judge issues to empower the Sheriff to legally sell a foreclosed property at a Sheriff's Sale.
Writ Of Mandamus:
A writ from a judge in a higher court compelling a person in a lower court to perform some act or tender some information.