Toronto Real Estate Glossary W
(Warranty Deed - Wraparound Mortgage)

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Warranty Deed
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.

Water Heater
Device for heating and storing water. Heat is generated by gas, electric, or steam.

Water-holding Capacity
Amount of water able to be retained in an expansion tank or other type of unit.

Water Level
Surface level of water.

Water Right
The legal right of a landowner to the water found on his property.

Water Service
Potable (drinking) water supply to a structure from a water main or well system.

Waterfront Property
Structure adjacent to a lake or other type of water, which has a higher sale value due to greater demand.

Woodwork
Term generally used to describe the trim work done on the interior or exterior of a building.

Workers' Compensation Insurance
Insurance, which covers job related injuries to employees, which is paid by employers as required by the government.

Wraparound Mortgage
Loan which provides a buyer with the amount of the remaining balance on a seller's mortgage plus an additional amount which is requested by seller as part of the contract of sale. Payments are made to the lender who holds the wraparound loan.

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