A GLOSSARY OF REAL ESTATE TERMS

W


Wall Street Journal prime rate
The Wall Street Journal surveys large banks and publishes the consensus prime rate. It’s the most widely quoted measure of the prime rate, which is a common benchmark for consumer and business loans set by banks, often at a level 3 percentage points higher than the federal funds rate. The prime rate will move up or down in lock step with changes by the Federal Reserve Board.
Warehouse Multi-Tenant
An Industrial property subtype in which the property is occupied by two or more tenants and the property is utilized for warehouse purposes.
Warehouse Single-Tenant
An Industrial property subtype in which the property is occupied by one tenant and the property is utilized for warehouse purposes.
Warehouse Tenant Type
Characterizes the tenant type based on usage of the leased area; Industrial usage generally includes most non-manufacturing uses, such as warehouse.
Most valuable type of deed in which the grantor makes formal assurance of title.
Work Letter
An amount of money that a landlord agrees to spend on the construction of the interior of a space per the lease, usually negotiated.
Workout
A mortgage in which basic terms -- such as interest rate, term and monthly payment -- have been changed to prevent foreclosure.
Wraparound mortgage
A refinanced home loan in which the balances on all mortgages are combined into one loan.