W

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

Waiver of Lien
One who supplies labor or materials, such as a contractor, who holds legal claim to the value of those materials until paid in full. If such person executes a waiver of lien, the claim is surrendered against the property, and coincidentally, the right to enforce payment through it.

Warranty
A legal, binding statement in which one party gives another party certain assurances regarding the property being sold, usually upon which the latter party can rely upon.

Warranty Deed
A deed used in many states to convey good fee simple title to real property.

Will
A legal document that specifies how assets will be distributed upon death.

Wrap-Around Mortgage
A refinancing technique involving the creation of a second mortgage, which includes the balance due on any existing mortgages, plus the amount of the new secondary or junior lien.