Real Estate Definitions
WALK-THROUGH INSPECTION
A process whereby an appraiser examines a property in preparation for estimating its value. Also, the process of inspecting a property for any damage prior to that property being bought or sold.
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WARRANTY
An affidavit given to stipulate the condition of a property. The person giving the warranty assumes liability if the condition turns out to be untrue.
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WATT
An expression of amount of electrical power. Volt times amps equals watts.
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WEAR AND TEAR
A term used to indicate the normal damage inflicted on a property through every-day use.
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WEATHER STRIPPING
Material used around windows and doors to prevent drafts.
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WEEP HOLE
Drainage hole that allows water to escape.