Real Estate Dictionary

W

unenforceable contract: a contract that has all the elements of a valid contract, yet neither party cans sue the other to force performance of it.

wage lien: a lien ordered by the Texas Workforce Commission against all real and personal property of an employer who owes back wages to an employee.

warehousing agency: an agency that purchases a number of mortgage loans and assembles them into one or more packages of loans for resale to investors.

warranty clause: the part of a deed in which the seller warrants the title conveyed to the buyer.

waste: an improper use or an abuse of a property by a possessor who holds less than fee ownership, such as a tenant, life tenant, mortgagor, or vendee.

will: a document providing the transfer of title to property owned by the deceased.

workers' compensation insurance: an insurance fund to provide income to a worker who is hurt on the job.

wraparound mortgage: a method of refinancing in which the new mortgage is placed in a secondary, or subordinate, position.

writ of execution: a court order that authorizes and directs the sheriff to sell property of a defendant to satisfy judgment.

writ of possession: a court order authorizing a sheriff to return leased premises to the owner following an eviction suit.