Real Estate Insurance Terms - W

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WAGES - A general term encompassing all pay given a hired person for his or he services, whether paid as a salary, commission, fee, etc.

WAINSCOTING - The covering of an interior wall with wood (usually panels), tiles, etc. from the floor to a point about half way to the ceiling; the remaining portion is painted, wallpapered, or covered with another material different from the lower portion.

WAIVE - To knowingly abandon, relinquish or surrender a right, benefit or claim.

WAIVER - The relinquishment of a right. In construction, most commonly the waiver by subcontractors of their mechanic's lien rights in order for the owner to obtain draws under a construction loan.

WALL - A vertical structure erected to divide, enclose, support or secure an enclosure, such as a room or building.

WALL-BEARING CONSTRUCTION - Weight of roofs and floors supported entirely by the exterior walls, with not load-bearing partitions. Posts and pillars are used as points where the span is too wide for exterior wall support.

WALLBOARD - A sheet, usually 4' X 8', of gypsum or similar material, which is attached to the studs (frame) of a wall and forms a surface which can be finished (painted, wallpapered, etc.).

WALL FURNACE - A small furnace, usually electric, fitting between the studs of a wall and heating without ducts by using a small fan for circulation. More commonly called a "heater" than a "furnace".

WALL PANEL - An exterior wall which bears no load; the load is carried by girders or beams of the framing skeleton. Used primarily in high-rise office buildings.

WALL PLATES - (1) The horizontal members at the top and bottom of a wall, to which the studs are attached. (2) In a mine, a heavy, famed timber used for support.

WALL TILE - Tile placed on a wall as a finish material, usually in bathrooms and kitchens of homes, but sometimes throughout as in mobile homes and trailer homes.

WAREHOUSE - A structure used for the storage of goods, either for short or long periods of time.

WAREHOUSMAN - One who, for compensation, stores the goods of others.

WAREHOUSING - The depositing of loans by a lender such as a mortgage company, in a bank, for sale at a later date. The mortgage company then borrows against these loans. This is done when the mortgage company wishes to assemble a block of loans for sale or when the company believes that the discount rate is dropping and the loans may be sold for a higher price in the future.

WARM AIR HEATING SYSTEM - Also called hot air heating system. A heating system whereby air is heated in a furnace and moves through ducts to the areas to be heated.

WARRANT - To legally assure that title conveyed is good and possession will undisturbed.

WARRANTY - A legal, binding promise, given at the time of a sale, whereby the seller gives the buyer certain assurances as to the condition of the property being sold. Warranties as to real property have taken on a lesser role with the increase of the use of title insurance.

WARRANTY DEED - A deed used in many states to convey fee title to real property. Until the widespread use of title insurance, the warranties by the grantor were very important to the grantee. When title insurance is purchased, the warranties become less important as a practical means of recovery by the grantee for defective title.

WASTE - (1) A destruction of property by one who holds possession rightfully, but either is not the owner of does not own the property free and clear. (2) A change is made in property, even if the value is increased by the change. This is called ameliorating waste.

WASTING ASSETS - Assets which, by use or lapse of time, are consumed or reduced in book value, irrespective of market fluctuation. Includes oil, minerals, patent rights, franchises for a fixed term, etc. Also called "diminishing assets"; "wasting property".

WATERFRONT - Property (improved or unimproved) fronting on a body of water. More loosely, a neighborhood near a large body of water which has a commercial port.

WATER-HOLDING CAPACITY - The amount of water a given type and amount of soil will absorb and hold under normal conditions. The capacity is expressed as a percentage of the soil's own weight when dry.

WATER LEVEL - The surface height of a body of water as measured by a point on the shore.

WATER MARK - A mark on the shore indicating the highest point to which a body of water will normally rise (high water mark) and also the lowest point (low-water mark) to which it will recede.

WATER POWER - The power created by the fall of a stream across one's land, the riparian owner being entitles to its utilization.

WATERPROOF - Capable of withstanding absorption of water; treating a material to give it this capability.

WATER REPELLANT - A chemical compound, in liquid form, which penetrates wood or other materials and prevents absorption of moisture or water into said materials.

WATERSHED - An area formed by natural barriers such as a mountain range, which separate two river systems. The term may be used to describe the drainage area or the barrier.

WATER-TABLE - (1) The depth, measured from the surface at which natural underground waters are found. (2) A ledge to aid and run-off of rainwater, build at or above the top of the foundation wall.

WATT - A unit of electrical power equal to the flow of one ampere caused by the pressure of one volt.

WATT-HOUR - The basis used to determine electric bills. Example: A 100 watt light bulb means if the bulb burns for one hour it will use 100 watts of electricity.

"WEAR AND TEAR" - The deterioration or loss in value caused by the normal and reasonable use of the property. In leases, the tenant is not usually responsible for "normal wear and tear".

WEATHERING - (1) Commonly, the deterioration of the exterior of a structure caused by exposure to weather. (2) A step in the refining of gasoline.

WEATHERSTRIPS - Strips of felt, metal, etc., installed between a door or window and its casing, to keep out wind, moisture, dust or other elements of weather.

WEEP HOLES - Small holes in a retaining wall or other wall where it may be necessary to drain off excess water to avoid pressure build-up.

WEIR - (1) A dam used to divert water to a pond, mill, or similar use. (2) A device for measuring the flow of water past a given point.

WEIR BOX - A box set in an irrigation ditch to measure the flow of water. The box (usually of wood or concrete) is open at both ends and contains a measuring device (weir).

WELL - A hole or shaft which is sunk (usually by drilling) into the ground to obtain water, oil, natural gas, etc.

WESTERN FRAMING - A type of framing in which the studding for each floor rests on a separate sill rather than ground to roof as in balloon framing.

WET PLASTER - Plaster mixed with water and spread wet over a lath. The plaster dries hard to form the surface of a wall, ceiling, etc.

WHARF - A structure used for loading and unloading ships. May be constructed, as a dock or pier, or simply a piece of ground prepared for the same use.

WIDOW'S QUARANTINE - Old English law. Forty days during which a widow could stay in her husband's house, rent free, after his death.

WIFE - A woman who is legally married to a living man.

WILD INTEREST - An interest of record which cannot be traced in the chain of title. Frequently occurs when an incorrect legal description appears on a document. An apparent wild interest may occur of a woman who changes her name through marriage after acquiring property, sells the property using her married name only.

WILD LAND - Land not being used for cultivation or construction. Land completely in its natural state.

WILL - A written expression of the desire of a person as to the disposition of that person's property after death. Must follow certain procedures to be valid.

WINDBREAK - Any natural or artificial structure which shelters by breaking the force of the wind.

WINDOW - An opening in a wall or roof of a building to provide light, air, view, etc. but containing glass to keep out the weather.

WINDOW SILL - The bottom framing member of a window casing.

WING - A portion of a building which projects from the main area of the structure as a bird's wing projects from its body.

WIRE GLASS - A pane of glass embedded with wire to strengthen and prevent flying glass.

WIRE LATH - A coarse mesh upon which plaster is spread.

WITHOUT RECOURSE - A finance tem. A mortgage or deed of trust securing a note without recourse allows the lender to look only to the security (property) for repayment in the event of default and not personally to the borrower.

WITNESS - (1) To sign a deed, note, or other document, to attest to its authenticity, or to prove its execution. (2) The person attesting.

WOOD FRAME CONSTRUCTION - Buildings in which the walls, roof and floors are framed with wood, although metal, stucco or other material may cover the framing.

WORKING CAPITAL - Cash, or assets which are readily convertible to cash, used to carry on a business.

WORKING DRAWING - Drawing used by workman in construction. Shows all structural detail such as electric, plumbing, partitions, etc.

WORKING HOUSE - A structure on top of a grain elevator which houses the mechanical operating equipment for the elevator.

WORTHIER TITLE - A doctrine of common law which held that if no devised (left by will) the same interest as the devisee would inherit (no will), the title by inheritance would take as heir rather than devisee.

WRAP AROUND MORTGAGE - A second or junior mortgage with a face value of both the amount it secures and the balance due under the first mortgage. The mortgagee under the wrap-around collects a payment based on its face value and then pays the first mortgagee. It is most effective when the first has a lower interest rate than the second, since the mortgagee under the wrap-around gains the difference between the interest rates, or the mortgagor under the wrap around may obtain a lower rate than if refinancing.

WRIT OF EJECTMENT - Writ in an action for the recovery of real property, generally from a tenant.

WRIT OF EXECUTION - A writ to carry out the judgment or decree of a court.

WROUGHT IRON - An easily molded form of iron used for decorative railings, gates, furniture, etc. The term is loosely used to describe steel or aluminum used in the same manner.

WYE - The joining of railway tracks, the branches coming to the main track from different angles so as to form the shape of the letter Y.

WYTHE - A partition in a chimney which contains more than one flue, separating the flues.