Glossary of Terms - W

W-2:

The Internal Revenue Service form issued by an employer to an employee to reflect compensation and deductions from compensation.

W-9:

The Internal Revenue Service form requesting a taxpayer identification number and certification.

Waiver:

The voluntary and intentional relinquishment of a known right, claim or privilege.

Walk-Through:

A common clause in a sales contract that allows the buyer to examine the property being purchased at a specified time immediately before the closing, for example, within the 24 hours before closing.

Warranty:

A legal and 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.

Warranty Deed:

A deed used in many states to convey fee title to real property.  A warranty deed contains provisions under which the seller becomes liable to the purchaser for defects in or encumbrances on the title.