Glossary of Terms
Mortgage. Real Estate & Insurance
- A Waiver is the renunciation, abandonment or surrender of some claim, right or privilege.
- Worker's Comp Insurance
- This policy covers injury that might occur on the project site as a result of working on the project. It covers any of the Contractor's employees assigned to and working on the site. It is generally carried by the builder/contractor. This coverage is not available to tradesman owner builders or owner-builders.
- Wraparound Mortgage
- Refinancing technique involving the creation of a subordinate mortgage that includes the balance due on the existing mortgage(s) plus the amount of the new secondary or junior lien. Full payments on both mortgages are made to the wraparound mortgagee, who then forwards the payments on the first mortgage to the first mortgagee.