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

Warehouse Fee - Many lenders must borrow funds on a short-term basis in order to originate loans, which are to be sold later in the secondary mortgage market (or to investors). When the prime rate of interest is higher on short-term loans than on mortgage loans, the lender has an economic loss, which is offset by charging a warehouse fee.

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.)

Warranty Deed - A deed which conveys not only all the grantor's interests in and title to the property to the grantee, but also warrants that if the title is defective or has a "cloud" (such as mortgage claims, tax liens, title claims, judgments or mechanic's liens) against it at the time of the conveyance of ownership, the grantee may hold the grantor liable.

Will - A written document or testamentary disposition of property, usually in a form prescribed by law, naming beneficiaries who inherit property, that takes effect upon death. Also called a Last Will and Testament