Glossary

The voluntary renunciation, abandonment or surrender of some claim, right or privilege A person may waive a right when that right is unimportant in the overall scheme.

A promise or representation contained in a contract. Usually a seller’s warranty pertains to the quality, character or title of goods sold.

One that contains a covenant that the grantor will protect the grantee against any and all claims. Usually contains covenants assuring good title, freedom from encumbrances and quiet enjoyment. See general warranty deed, special warranty deed.

The level at which natural groundwater is found. The water table may affect the type of building possible and access to well water.

The disposition of one’s property, to take effect after death. If a person dies without a will (intestate), the property goes to his or her heirs at law. The property of one who dies intestate without heirs escheats to the state.

Words used in endorsing a note or bill to connote that the future holder is not to look to the debtor personally in the event of nonpayment; the creditor has recourse only to the property. A form of exculpation. In default, the borrower can lose the property mortgaged, but no other property. There can be no deficiency judgment.

A plan drafted by a lender to help a borrower by modifying the terms of a loan temporarily or permanently. Workout agreements offer borrowers a way to avoid loan default and loss of the property. They offer lenders a possibility of avoiding the expense of foreclosing the loan.