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W

Waiver: The renunciation, abandonment or surrender of some claim, right or privilege.

Walk-through: A final inspection of a home to check for problems that may need to be corrected before closing.

Warranty Deed: A conveyance of real property in which the grantor guarantees the title to the grantee.

Without Recourse: Words used in endorsing a note to denote that the future holder is not to look to the endorser in case of non-payment.

Wrap-Around Contract of Sale, Mortgage or Trust Deed: A land contract, mortgage or trust deed that works like this: The debtor owns or buys property with a first deed of trust on it. A seller or second lender takes a second deed of trust or second mortgage or a land contract for an amount that includes not only the amount owed to this second party but also the amount of the first trust deed. The owner makes one monthly payment to this second party out of it the second party makes the payment on the first trust deed and keeps the rest as his payment. Also called all-inclusive contract of sale, mortgage or trust deed.