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| | Canadian Real Estate / Mortgage Glossary : W| Results found: 7 | Page: 1 of 1 |
Waiver
The intentional and voluntary renunciation, abandonment, or surrender of some claim, right, or privilege.
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Walk-away Lease
The most common type of car lease, also known as a closed-end lease. The lessee may return the car at the end of the lease term, pay any end-of-lease costs, such as the disposition fee, and the lease agreement is over. In a closed-end lease, the lender assumes the risk of predicting the value of the vehicle (its residual value) at the end of the lease's term. Closed-end lease payments are somewhat higher than open-end lease payments.
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Walk-through
A buyer's final inspection of a property, usually on the day of closing or the day before.
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Warranty
1. A document certifying clear title to real estate. 2. A guarantee from a dealer or a manufacturer that a vehicle or product will perform as expected or specified. An auto warranty usually covers specified mechanical problems for a set number of miles or period.
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Witness
To subscribe one's name to a deed, will or other document for the purpose of attesting its authenticity and proving its execution by testifying, if required.
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Workout
A mortgage in which basic terms -- such as interest rate, term and monthly payment -- have been changed to prevent foreclosure. Not a normal practice in Canada.
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Wraparound Mortgage
A refinanced home loan in which the balances on all mortgages are combined into one loan.
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