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| Walnut
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Hardwood used for furniture that is a medium/dark brown. |
| Warehouse fee
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The lender's cost of holding a borrowers loan temporarily before it s sold on the secondary market and is usually a closing cost fee. |
| Warehouse property
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Commercial structure used to hold products and goods for a fee and typically located in an industrial area. |
| Warehousing
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(1) Loans made by banks to other lenders for their underwritten stocks or bonds. These stocks and bonds are issued to both household and institutional investors for their portfolios. (2) Storing of assets with the expectation of sale at a later date. (3) The sale, by a mortgage banker, of a bundle of mortgages in the secondary market so that funds may be raised or risk reduced. |
| Warp
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A distortion; a twist or bend in wood or any object made of wood, which is caused by contraction when drying. |
| Warping
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Any distortion of a piece of flooring from its true plane that may occur in seasoning. |
| Warranted price
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Considered fair amount for a real estate transaction, which can be justified by the conditions involved in the exchange. |
| Warranty
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Legally binding agreement to do something. In construction there are two general types of warrantees. One is provided by the manufacturer of a product such as roofing material or an appliance. The second is a warranty for the labor. For example, a roofing contract may include a 30 year material warranty a and a 5 year labor warrantee. Many (but not all ) new homes come with a one year warranty. Any major issues found during the first year should be communicated the builder at once. Small items can be saved up and presented to the builder in a letter on the 11 month anniversary of the closing. This gives the builder one month to make the necessary corrections. |
| Warranty deed
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Deed that assures that the title to a property is free of any legal claims or encumbrances and includes covenants of seizin, express warranties of title, right to quiet enjoyment, freedom from encumbrances. |
| Warranty insurance
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Insurance on a property covering repair and/or replacement costs in the event of damage or loss. Warranties vary considerably as to what is covered and the duration of the policy. |
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