Glossary of Real Estate Terms (Oregon) – W – X
Walk-Away – A current term to describe a situation where owners abandon their homes due to being significantly “underwater” – meaning that the value of the home is less than the total indebtedness due and there is no reasonable prospect of selling or refinancing in the foreseeable future. Walk-aways can also result from the inability of owners to pay their adjustable rate mortgage, which may be at a level they can no longer afford.
Walk-Through – A final buyer inspection of a property before closing, with or without accompanying experts. It is frequently performed to confirm that certain contingencies have been met, such as repairs called for in a prior professional inspection which the seller agreed to perform.
Warranty Deed – One of the four major deeds used in Oregon. Of the four, a warranty deed contains the maximum title protection to a buyer. It is the standard deed called for in the OREF statewide Sale Agreement form u. However, even though the seller commits to conveying title at closing with a warranty deed, buyers should still secure a title insurance policy from a reputable company. In Oregon, the seller customarily pays for the buyer’s homeowner’s policy of title insurance and this commitment is contained in the OREF statewide Sale Agreement form. The parties are free to negotiate otherwise, although such a change should be inserted into an addendum or added to the standard printed form. (See, ORS 93.850)
Waste – A legal action filed in court usually by the holder of a security interest such as the seller under a land sale contract, or a holder of a mortgage or trust deed, against the owner-occupant for damaging the property and thereby jeopardizing the holder’s security interest should a foreclosure become necessary.