Canadian Real Estate Glossary

Canadian Real Estate Glossary


Waiver of Subrogation: A waiver of subrogation is a contractual provision where one party agrees to waive its right to seek reimbursement or take legal action against another party for damages or losses covered by an insurance policy. In the context of real estate or construction contracts, this waiver typically applies to situations where an insurer has paid a claim on behalf of one party, and that party agrees not to pursue legal action or seek recovery from another party who may be responsible for the loss.

Walk-Out Basement: A basement that has a separate exterior entrance, allowing direct access to the outside.

Walkability: The measure of how friendly an area is to walking, typically considering factors such as proximity to amenities, sidewalks, and pedestrian infrastructure.

Wall Stud: A vertical framing member within a wall used to provide structural support and to which the wall covering is attached.

Warranty: A guarantee provided by a builder, developer, or manufacturer to cover repairs or replacement of certain components or systems within a specified time period.

Warehouse Space: Commercial real estate specifically designed for storage, distribution, or handling of goods and products.

Waterfront Property: Real estate located adjacent to a body of water, such as a lake, river, or ocean.

Wetland: An area of land that is saturated with water, either permanently or seasonally, and plays a crucial role in ecological systems and water regulation.

Whole Loan: A single loan that encompasses the entire debt amount, as opposed to being divided into multiple smaller loans.

Wire Transfer: Electronic transfer of funds from one bank account to another using a network such as SWIFT or the Automated Clearing House (ACH) system.

Withholding Tax: A tax deducted at source by the payer before making a payment to a non-resident, often applied to rental income or property sales proceeds.

Wood Frame Construction: A method of building structures using wood framing components, commonly used in residential construction.

Working Capital: The funds available for a business's day-to-day operations, calculated by subtracting current liabilities from current assets.

Working Drawings: Detailed architectural and engineering drawings that provide specifications and instructions for the construction or renovation of a property.

Wrap Mortgage: A financing arrangement in which a new mortgage incorporates and includes the existing mortgage, resulting in a single loan with combined terms and interest rates.

Wraparound Mortgage: A type of secondary financing where a new mortgage wraps around an existing mortgage, allowing the borrower to make a single payment to the new lender, who in turn distributes the funds to the original lender and retains the remainder.

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