The relinquishment of a right. In construction, most commonly the waiver by subcontractor of their mechanic’s lien rights in order for the owner to obtain draws under a construction loan.

An inspection of property by a buyer very close to the time for closing to determine that the condition of the property has not changed since the purchase contract was executed or that promised changes have been made.

A building without an elevator of more than one story.

A vertical structure erected to divide, enclose, support, or secure an enclosure, such as a room or building.See also: Party Wall.

A small furnace, usually electric, fitting between the studs of a wall, and heating without ducts by using a small fan for circulation. More commonly called a “heater” than a “furnace”.

An exterior wall which bears no load; the load is carried by girders or beams of the framing skeleton. Used primarily in high- rise office buildings.

(1) The horizontal members at the top and bottom of a wall, to which the studs are attached. (2) In a mine, a heavy, framed timber used for support.

Tile placed on a wall as a finish material, usually in bathrooms and kitchens of homes, but sometimes throughout, as in mobile homes and trailer homes.

See: Bearing Wall.

Weight of roofs and floors supported entirely by the exterior walls, with no load-bearing partitions. Posts and pillars are used at points where the span is too wide for exterior wall support.

A sheet, usually 4′ X 8′, of gypsum or similar material, which is attached to the studs (frame) of a wall and forms a surface which can be finished (painted, wallpapered, etc.).

A structure used for the storage of goods, either for short or long periods of time.

One who, for compensation, stores the goods of others.

The depositing of loans by a lender such as a mortgage company, in a bank, for sale at a later date. The mortgage company then borrows against these loans. This is done when the mortgage company wishes to assemble a block of loans for sale, or when the company believes that the discount rate is dropping and the loans may be sold for a higher price in the future.

The interest rate difference between the loan from the warehouse lender and the mortgages used as collateral security for the loan.

Also called hot air heating system. A heating system whereby air is heated in a furnace and moves through ducts to the areas to be heated. See also: Forced Air Furnace; Gravity Furnace.

To legally assure that title conveyed is good and possession will be undisturbed.

A legal, binding, promise, given at the time of a sale, whereby the seller gives the buyer certain assurances as to the condition of the property being sold. Warranties as to real property have taken on a lesser role with the increase of the use of title insurance.

A deed used in many states to convey fee title to real property. Until the widespread use of title insurance, the warranties by the grantor were very important to the grantee. When title insurance is purchased, the warranties become less important as a practical means of recovery by the grantee for defective title.

(1) A destruction of property by one who holds possession rightfully, but either is not the owner or does not own the property free and clear. (2) A change made in property, even if the value is increased by the change. This is called ameliorating waste.

Land that is not economically feasible for development. The land may have great environmental value, such as swampland that supports wildlife.