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GLOSSARY of American & Mexican Real Estate Terms

W

Warranty Deed

A deed in which the grantor makes formal assurance as to quality of title.

Water Rights

The right of a landowner to water adjoining or passing through property.

Water Table

The distance from ground level to natural groundwater.

Wear and Tear

The lessening in value of an asset due to ordinary and normal use.

Will

A legal declaration in which a person disposes of property to take effect upon his or her death.

Wrap-around Mortgage

A junior mortgage which provides an owner additional capital without refinancing the first mortgage (The original mortgage is not disturbed).

Writ of Execution

A court order to an officer to carry out judicial decree.