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Real Estate Dictionary
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walk-through inspection

An examination, by the buyer, of the property she or he is purchasing. The walk-through inspection usually takes place immediately before closing and is intended to assure the buyer that no changes have taken place (and no damage has been done) to the property since the buyer agreed to buy. It also reassures the buyer that fixtures and chattels included in the sale actually remain on the property.

walk-up

An apartment in (usually) a small apartment building in which there is no elevator.

warehousing

The process of assembling mortgages to sell to the secondary mortgage market.

warm-air heating system

A heating system in which air is heated in a furnace and then circulated through ducts. One of its advantages is that it usually allows for the addition of central air conditioning.

warrant

A legally binding assurance that title, in any transfer of ownership of property, is good.

warranty

A legally binding promise that is usually given at the time of sale in which the seller gives the buyer certain assurances as to the condition of the property being sold.

waste

Allowing a property to suffer damage, or accelerated wear-and-tear, to the detriment of another person who has an interest in that property, thus diminishing the value of that person’s asset.

wasteland

A property that cannot be developed for profitable use. One example is a property that is contaminated by toxic wastes; the cost of cleaning up the property could far exceed the amount that it could ever subsequently realize.

water rights

The legal right to use water on a property.

water table

There are two meanings for this term: 1) the accumulation of water below ground, or the natural underground water often used for wells; and 2) the distance from the surface of the ground to this underground water.
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