Real Estate Definitions
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Waiver The deliberate and voluntary relinquishment or surrender of a claim, right, or privilege. Walk-away Lease The most common type of vehicle lease where the lessee may return the vehicle at the end of the lease term, pay any end-of-lease costs, and the lease agreement is finished.This type of lease is also known as a closed-end lease. With this type of lease the lender assumes the risk of predicting the value of the vehicle (residual value) at the end of the lease term. Closed-end lease payments are somewhat higher than open-end lease payments. Walk-through The buyer's final inspection of a property which is being purchased is called a walk-through. This final inspection generally takes place on the day of closing or one day prior to ensure all the conditions of the sale have been met. Warranty 1. A guarantee given by a company to the purchaser which states that a product is reliable and free from known defects and that the seller will, without charge, repair or replace defective parts within a given time limit and under certain conditions. 2. In real estate, warranty refers a document certifying clear title a property. Witness An individual who signs his or her name to a document for the purpose of attesting to its authenticity. For example, a witness is usually required to sign a deed, will or other legal document. Workout A type of mortgage where basic terms such as interest rate, term, and monthly payment are altered to prevent foreclosure. This is not a typical practice in Canada. Wraparound Mortgage A refinanced home loan in which the balances on all outstanding mortgages are amalgamated into a single loan. |
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