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Glossary Of Real Estate Terms
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 Glossary W

Waiver:

A waiver is the voluntary relinquishment or surrender of some known right or privilege.

Waiver of Condition:
Waiver of condition is the voluntary relinquishment of some right as set out in the condition within an agreement. In real estate contract the right of waiver must be part of the original condition.
Waiver of Lien:
The seller sometimes takes the mortgage at a rate lower than market rates. Most of these arrangements are not renewable or transferable to the next owner.
Watershed:
A watershed is an area or ridge of land area that topographically drains to a particular point, sometimes called a watershed outlet or pour point. Watersheds can be any size, with smaller watersheds (sometimes called sub-watersheds) nested within larger watersheds.

In North America, the term watershed is commonly used to mean a drainage basin (though in other English-speaking countries, it is used only in its original sense, to mean a drainage divide, the one meaning an area, the other its high elevation perimeter of that area. Drainage basins drain into other drainage basins in a hierarchical pattern, with smaller sub-drainage basins combining into larger drainage basins.

Other terms that are used to describe a drainage basin are catchment, catchment area, catchment basin, drainage area, river basin and water basin.

Winterization:
In real estate, this term most commonly refers to prepare house for cold weather by adding insulation, heating units, etc. In terms of non-occupied property, the  term can refer to houses that are empty and prepared for vacancy during the winter period, e.g., water lines are drained.



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