REAL ESTATE 101

Waiver
Voluntary relinquishment or surrender of some right or privilege.

Water rights
The legal right to use water from a water course or body of water on a property.

Water table
The natural accumulation of water either above or below ground, often used for well purposes. May also refer to the distance from the surface of the land to the location of the water.

Wraparound mortgage
A secondary financing option in which new money borrowed is blended with money already owed and registered on title to the property. A second mortgage is registered as security for the new money but the old mortgage remains in existence and the rate of interest is a blend of the rate chargeable on the old mortgage and the rate chargeable on the newly borrowed money.

Writ of Execution
A claim or lien which is registered with the local enforcement officer to enforce a judgement of a court. The officer is then required to enforce the judgment against the judgment debtor and any property owned by that debtor in the jurisdiction.