Terms Defined

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. Wayne County Title Agency, Inc. has compiled the following Definition of Terms commonly used in the real estate industry. Whether you are entering the real estate market for the first time or have invested in it before, this handy reference will provide an understanding of basic real estate words and phrases.

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The voluntary and intentional relinquishment of a known right, claim or privilege.

Waiver of Liens

See Lien waiver.


A legal, binding, promise, given at the time of a sale, whereby the seller gives the buyer certain assurances as to the condition of the property being sold.

Warranty Deed

A  deed  in  which  the  grantor  warrants  or  guarantees  that  the property conveyed is free of encumbrances,  that the grantor is lawfully seized of the fee simple  title,  has a good  right  to sell the property  and that the grantor  will defend  the property against the lawful claims of all persons.


A written expression of the desire of a person as to the disposition of that person’s property after death. Must follow certain procedures to be valid.

Wraparound Mortgage

A mortgage  which  secures  a debt which  includes  the balance due on an existing senior mortgage and an additional amount advanced by the wraparound  mortgagee.  The  wraparound  mortgagee  thereafter  makes  the  amortizing payments  on the senior mortgage.  An example: A landowner  has a mortgage  securing a debt  with  an  outstanding  balance  of  $2,000,000.  A  lender  now  advances  the  same mortgagor a new $1,000,000 and undertakes to make the remaining payments due on the $2,000,000 debt. A $3,000,000 wraparound  mortgage on the land is taken to secure this new $3,000,000 wraparound note.