The Real Estate
Encyclopedia: U-Z

In real estate law, waste refers to the destruction, material alteration, or injury to property by a tenant or other party in possession. It involves conduct that damages or substantially reduces the value of the premises beyond ordinary wear and tear. Waste may occur...

In real estate law, a warranty deed is a form of deed used to convey fee simple title to real property. It provides assurances from the grantor that the title is clear and that the grantor has the legal right to transfer the property. A warranty deed typically...

In real estate finance, warehousing refers to the practice of a lender, such as a mortgage company, depositing newly originated loans with a bank or other financial institution prior to selling them on the secondary market. During this period, the mortgage company...

In real estate and contract law, to waive means to voluntarily relinquish or abandon a known right. A party who waives a right chooses not to enforce or require performance of a particular provision. A waiver may be express, stated clearly in writing or verbally, or...

In real estate and building construction, wainscoting is a decorative wood lining applied to the lower portion of an interior wall. It is typically installed when the lower section of the wall is finished differently from the upper portion. Wainscoting serves both...

In real estate law, a voluntary lien is a lien placed against property by the deliberate act of the property owner. It arises from an agreement rather than by operation of law. The most common examples of voluntary liens are mortgages and deeds of trust, which are...

In real estate and contract law, void refers to an agreement or act that has no legal force or effect. A void contract is treated as though it never existed and cannot be enforced by any party. An agreement may be void due to illegality, lack of capacity, or failure...

In real estate and legal usage, vested refers to a right or interest that has been granted to and secured by a person. A vested interest is fixed and not subject to being taken away without due process. In property law, title or other ownership rights are considered...

In real estate transactions, a vendor is the seller or person who transfers property by sale. The term is commonly used in connection with land contract or installment sale arrangements. In a land contract, the vendor retains legal title to the property until the...

In real estate transactions, a vendee is the purchaser of property, particularly in the context of a land contract or installment sale agreement. The vendee agrees to make payments over time in exchange for the right to acquire title. Under a land contract, the vendee...