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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.
A
B C
D E
F G
H I
J K
L M
N O
P Q
R S
T U
V W
X Y
Z
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W |
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.
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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.
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