Real Estate DefinitionsWaiver: The relinquishing of a right. Warranty: A guarantee provided to the purchases regarding the quality of appliances or fixtures sold. Also a promise by the grantor of a piece of property that he or she is responsible to the buyer if the title of ownership is defect in any way. Warranty deed: A document conveying ownership of a property that guarantees a clear, clean title. Will: A written document stating how an individual chooses to have his or her property distributed after his or her death. Wraparound loan or Wraparound mortgage: A method of refinancing which covers the remaining balance on an existing first mortgage as well as the additional amount of loan being requested by the mortgagor; full payments covering both mortgages are made to the Wraparound mortgagee, who then forwards on the portion of payment due to the first mortgagee.
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