Wainscoting

Wainscoting is a decorative interior element in a home, in which wood paneling, tongue-and-groove boards, or some similar material is installed between a room´s baseboard and a chair rail (a piece of molding that separates the top and bottom portions of a wall).  Wainscoting enhances the aesthetic appearance of a room, and is especially popular when applied as wood paneling in a study, den, library, or home office.  Self-installation of wainscoting is fairly simple, thanks to the availability of all-in-one kits and installation resources at most home-improvement retailers.  Many newly constructed homes offer wainscoting as an upgrade to standard construction.

Waiver

A waiver is a voluntary relinquishing of certain rights or claims.  Waivers are usually in writing, which makes them easier to enforce in a court of law should a dispute arise as to whether or not one party in fact waived his or her rights.  General requirements for a valid waiver include that it must be clear and specific as to which rights or claims are being waived, that the parties involved had equal binding power (in other words, that one party did not unduly influence the other to agree to a waiver), and that it is voluntarily signed by the waiving party.  

Walk-out basement

A walk-out basement is a basement in which a door opens outside onto ground level.  Walk-out basements are desirable because they offer direct exterior access, as well as natural light typically limited to ground-level or upper-level floors of a home.  Walk-out basements are usually built on a sloping lot, so that one side of the basement is truly below ground level, and the other situated so it can open onto the ground.  Alternatively, a non-sloping lot may be partially excavated to allow for construction of a walk-out basement.  Depending on the natural slope of a house lot, a walk-out basement can be expensive to build; however, an existing walk-out basement is likely to increase the value of a home.

Walk-through

A walk-through is the final opportunity for a buyer of real property to conduct an inspection of a home to ensure that all conditions expressed in the buyer´s purchase agreement with the seller have been satisfied by the seller.  A walk-through is a time to evaluate whether all agreed-upon repairs and modifications, if applicable, have been accomplished, and to make sure the condition of a property has not deteriorated significantly between the time of signing the purchase agreement and the time of the walk-through.  A walk-through is not required, but is recommended for buyers prior to the final closing on a property.

Warranty

A warranty is a legally binding promise to do something in the future.  Warranties are either express or implied.  An express warranty is one which is clearly stated, in writing, with specifically defined terms regarding what it guarantees.  An implied warranty is a warranty which is assumed, and which is recognized by the legal system in the event of a dispute even if not expressly recorded in writing.  Examples of implied warranties include a warranty of merchantability, which requires a product sold (such as a parcel of real estate) to conform with an average buyer´s reasonable expectations, and a warranty of title, under which it is assumed that the seller of a property has the legal right to sell it.

Wetlands

Wetlands are geographical areas that are defined by their characteristic watery constitution.  Examples include swamps, marshes, and floodplains.  Swamps are areas near rivers or lakes that contain standing water for all or most of a year, with soil that prevents drainage, and vegetation including trees and shrubs.  Marshes are similar to swamps, except that they do not usually have trees or other flora.  Floodplains are areas that are normally dry, but are low-lying and thus susceptible to flooding from natural sources of water.  Wetlands are vigilantly protected by environmental organizations, including the Federal Environmental Protection Agency (EPA) as they are a rich resource of flora and fauna.  For example, wetland pollution or destruction can result in heavy fines or even imprisonment.

Wild deed

A wild deed is an improperly recorded deed.  A deed is important with respect to real property in that it establishes who has legal title to the property.  Deeds should be recorded in order to establish a chain of title-that is, who owned the property in question, and to what extent, prior to the current ownership.  A wild deed is not recorded, and thus constitutes a break in the record of the title to the property.  Many states simply do not consider a wild deed legally enforceable, but some do treat it as a valid deed, which makes its existence risky for a potential property purchaser, who will not find that link in the chain of ownership on the public record.

Will

A will is a legal document that sets forth the disposition of a person's estate, including real and personal property as well as intangibles such as investments, in the event of his or her death.  The requirements for a will to be valid and legally binding vary from state to state; in general, however, a will must be written, signed by the testator (the person whose wishes for disposition of his or her estate are outlined in the will), and witnessed by disinterested witness-persons who do not stand to gain anything from the will.  Upon death, a will is probated, which means a representative of the estate of the deceased distributes the property of the deceased according to the terms of the will. 

Window light

A window light is an individual pane of glass.  Informally, a window light is sometimes spelled "lite."  Windows are described professionally by the number of lights, or panes, they include.  For example, a double-hung sash window, which is one of the most common types of window used in homes in the United States, and which is characterized by two overlapping panes, or sashes, is described in terms of the number of lights in each of the upper and lower sash (four-over-four or six-over-six are common light configurations).  Windows as whole unites are sometimes referred to as lights; however, this usage is not professionally accurate.

Window seat

A window seat is a bench built into the wall of a home under an interior window.  Window seats were common in the 18^th century, during what is known today as the Georgian era-a time defined by formalism and elegance in art and architecture.  Window seats have long been considered romantic and peaceful, conducive to reading and daydreaming.  In homes where window seats do not already exist, they may be professionally installed.  For self installation of a window seat, it may be necessary to first create a recess if one does not already exist beneath the window where the window seat is to be placed. 

Window well

A window well is a curved, corrugated steel insert that is used to isolate the windows of a home´s basement or submerged lower level from moisture if the windows are placed below the soil line.  Water-resistant window wells are particularly important and desirable in areas of the country that are prone to flooding.  Window wells with certain specific characteristics may be required for homes with below-soil-line windows if the window´s location is at a specified proximity to some base flood elevation.  In addition, many community homeowners´ association have specific requirements that homeowners must meet with respect to window well characteristics.

Window well covers

Window well covers are curved plastic covers that are designed to be installed on top of a window well to shield the opening.  Window wells are curved, corrugated steel inserts that are used to isolate the windows of a home´s basement or submerged lower level from moisture.  The danger of a window well is that debris or water can accumulate there, and ultimately cause minor to serious problems, even exerting sufficient pressure on the window to cause leaks into the home´s interior or, in extreme circumstances, window breakage.  A window well cover usually has domed shape and protects the window well, preventing water and debris from entering the recess.

Wraparound mortgage

A wraparound mortgage is a loan made to a buyer in the amount of the balance remaining on a seller's first mortgage and an additional amount requested by the seller. The buyer, upon acquiring the property, makes payments on both loans to the lending institution who issued the wraparound loan.  Wraparound mortgages are rare, and when they do occur, require approval by the lending institution for the buyer to assume the seller´s mortgage.  The main benefit of a wraparound mortgage is that the process of completing a real estate transfer is faster, the assumption of a secondary mortgage being easier for the buyer.