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Welcome > Resources > Real Estate Dictionary - A
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Waiver |
The relinquishing of a right |
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Warranty |
A guarantee provided to the purchases regarding
the quality of appliances or fixtures sold
Also a promise by the grantor of
a piece of property that he or she is responsible to the buyer if the title of
ownership is defect in any way |
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Warranty deed |
A document conveying ownership of a property
that guarantees a clear, clean title |
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Will |
A written document stating how an individual
chooses to have his or her property distributed after his or her
death |
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Wraparound loan or Wraparound
mortgage |
A method of refinancing which covers the
remaining balance on an existing first mortgage as well as the additional
amount of loan being requested by the mortgagor; full payments covering both
mortgages are made to the Wraparound mortgagee, who then forwards on the
portion of payment due to the first mortgagee |
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Did We Miss the Word YOU Are Looking For? Is there a real estate word that we failed to explain here in my dictionary for homebuyers and sellers? Let us be your personal real estate dictionary! We'll send a brief explanation of any word or term that you encounter when buying and selling property. Do you have a suggestion of a real estate word that should be included? Let us know! We always appreciate feedback. Do any of these definitions raise questions for you? Didn't find the word you're looking for? Let us know! We're happy to answer ANY questions. It's our job! There's no obligation, and we promise to get back to you quickly...
Cosmetic Improvements >Cosmetic Flaws
Many buyers make home buying decisions based primarily upon emotional reactions to the homes we show them. A freshly-painted house with clean windows and waxed floors will sell for top dollar, while a nearby home which needs a lot of cosmetic attention may languish on the market, even with a much lower asking price.
If you find yourself in the position of comparing two such houses, put your imagination to work. If the only difference is paint, cleaning, and carpeting (or getting unsightly furniture moved out), remember that these are fairly low ticket items that you would probably choose to do even if the house is in good shape. If you focus your attention on the location and the condition of the structure and the major systems, you may be able to get a "not-very-rough" diamond at a great price. If cosmetic problems make you nervous about the home, the structural inspection can answer most of your questions.
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| Q |
Which famous skilled mason laid the cornerstone of the Capitol Building in Washington, D.C. in 1793?
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| A |
George Washington, the first President of the United States. |
 See More Real Estate Trivia > |
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NUMBER1EXPERT®
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