The real estate industry has its own unique language and, without some knowledge of this language, you may find yourself a bit confused if you become involved in a real estate transaction. With this in mind, the experts at Monroe Title Insurance Corporation have compiled the following glossary of terms commonly used in the Real Estate industry.
Waiver - The voluntary and intentional relinquishment of a known right, claim or privilege.
Warranty - In a broad sense, an agreement or undertaking by a seller to be responsible for present or future losses of the purchaser occasioned by deficiency or defect in the quality, condition or quantity of the thing sold. In a stricter sense, the provision or provisions in a deed, lease or other instrument conveying or transferring an estate or interest in real estate under which the seller becomes liable to the purchaser for defects in or encumbrances on the title. (See Title Covenants.)
Will - A testamentary disposition of property, usually in a form prescribed by law, that takes effect upon death.
NOTE: The following terms are defined only in their real estate or title insurance contexts and may have completely different meanings in other contexts. For more precise definitions, you are advised to seek legal counsel.