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Real Estate Glossary

Real Estate Glossary
Glossary of real estate terms

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Term	Definition
Walk-Through	Final Walk-through Inspection -- Your sales contract should include a clause that allows you to examine the property you want to purchase within the 24 hours before closing.This walk-through, during which you will be accompanied by the real estate sales professional, is your chance to ensure that the seller has vacated the house and left behind whatever property was agreed upon.Make sure to check that all lights, appliances, and plumbing fixtures are in working order.You will also want to make sure that all conditions of the sales contract have been met. If they aren't, or you observe major problems, you have the right to delay the closing until the problems are corrected.One other option is to make sure money to correct the problems is placed in an escrow account at closing to cover the cost of repairs.

Warranty	A guarantee by a seller or manufacturer that a product is what it is claimed to be, that it is in working order, and, in some cases, that the seller or maker will repair the product.

Water rights	Rights associated with the use of water adjacent to, in, or underneath the property.

What-If Scenario	A change in the amounts that is used as the basis of an affordability analysis. A what-if scenario can include changes to monthly income, debts, or down payment funds or to the qualifying ratios or down payment expenses that are used in the analysis. You can use a what-if scenario to explore different ways to improve your ability to afford a house.

Will	Document executed during a person's lifetime that conveys the person's property at death.

Wiring diagram	A diagram of the electrical wiring in a house, showing where all the cir-cuits and plugs are.

Wraparound Mortgage	A mortgage that includes the remaining balance on an existing first mortgage plus an additional amount requested by the mortgagor. Full payments on both mortgages are made to the wraparound mortgagee, who then forwards the payments on the first mortgage to the first mortgagee.

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Glossary V2.0

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John Creighton
MBA, e-PRO, GRI
Spokane Real Estate Advisor
Licensed in Washington & Idaho

John L Scott Real Estate
Cell (509) 979-2535
Office (509) 924-4200
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