waive
To give up, renounce, submit or surrender a right, benefit, privilege or claim.

waiver
Refers to a legal document that proves the relinquishment of rights or claims. It may also mean deliberate relinquishment of rights or claims.

warehouse
Building that is used specifically for the purpose of storing or keeping merchandise.

warehousing
The act of holding mortgages for the purpose of later securitizing and selling the same to other investors or lenders.

warrant
Legal assurance that the conveyed title is good and the possession of the same will be undisturbed.

warranted price contract
An agreement between parties to design and construct a facility for a maximum price to an agreed brief where any savings may be shared between the parties.

warranty
Legally binding agreement given at the time of a sale, by the seller to the buyer, containing certain assurances as to the terms and condition of the property being sold.

water rights
The legal right of a landowner to the water found on his property.

water table
Level of water saturation in the ground. The depth at which natural underground waters are found.

waterfront
Property with a body of water in front of it. Alternately, a contiguous area of similar properties near a large body of water which has a commercial port.

watershed
Land area where water collects. The term may be used to describe a dividing point that sends water runoff flowing into different drainage areas.

wayleave
An easement or right to cross land.

wear and tear
Deterioration or decline in the value of a property due to use, physical damage, old age or environmental factors.

weathering
The wear and tear of the exterior of a building caused by exposure to weather.

wing
Building part, which is connected to, but leading away from the main structure.

withholding tax
A tax payable to the state on the sale, transfer or other disposition of real estate classified as Ordinary Asset.

without prejudice
A phrase used to enable parties to negotiate an agreement or settle a dispute, either orally or in writing, without any statement or admission made being subsequently quoted or produced in evidence at any legal hearing bearing on the subjectmatter of the proposed agreement or dispute. In claiming this privilege, care must be taken to avoid statements which are untrue or of a defamatory nature, which might entitle the court to allow their admission in evidence at the request of the other party. In any event, the privilege applies only to the proceedings in question, so that “without prejudice” statements (verbal or written) can, in certain circumstances, be produced in evidence in some other, unrelated, dispute.

without recourse
A company is not responsible to a third party when an account or financial instrument is not honored by the debtor with the creditor’s only recourse being to the debtor’s property.

working capital
Assets available for use in the production of further assets. May include cash or liquid assets.

working drawing
A drawing made to scale with details and markings to facilitate use by builders and engineers during construction.

workspace ratio
Average space allocated to each worker in an organization.

writ of ejectment
Court order allowing a landlord to evict a tenant because of non-payment of rent or damaging property. The writ contains needed instructions and directs an Officer of the Court to execute it.

writ of execution
Court order allowing the seizure and sale of property due to non-payment of taxes or foreclosure of property.

written-down value
The book value of an asset after accounting for depreciation and amortization