| warranty deed |
A deed in which the grantor fully warrants
good clear title to the premises. Used in most real estate deed
transfers, a warranty deed offers the greatest protection of any deed.
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| waste |
An improper use or an abuse of a
property by a possessor who holds less than fee ownership, such as a
tenant, life tenant, mortgagor, or vendee. Such waste generally impairs
the value of the land or the interest of the person holding the title or
the reversionary rights.
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| will |
A written document, properly witnessed,
providing for the transfer of title to property owned by the deceased,
called the testator.
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| wraparound mortgag |
e A method of refinancing in which the new
mortgage is placed in a secondary, or subordinate, position. In essence,
it is an additional mortgage in which another lender refinances a
borrower by lending an amount over the existing first-mortgage amount
without disturbing the existence of the first mortgage.
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| year-to-year tenancy |
A periodic tenancy in which rent is
collected from year to year.
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| zoning ordinance |
An exercise of police power by a
municipality to regulate and control the character
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