Real Estate Glossary Letter :  W & Y & Z

Real Estate Glossary Letter :  W & Y & Z

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WAFFLE POD SLAB – (or Ribbed Raft Slab) – An engineered slab design featuring a grid of internal beams created around polystyrene pod formers. High strength and thermal efficiency.

WALKTHROUGH – The final home inspection before the handover.

WARRANTY – A written guarantee issued by the builder to the homeowner promising to repair or replace any qualified damage or defect within a specified period of time.

WASHABLE PAINT – Internal wall paint that can be lightly washed to remove grime and finger marks – not scrubbable.

WASTE PIPE – A plastic pipe that carries waste water from the house to the municipal sewage system.

WATER CLOSET – A room equipped with toilet fixtures and facilities.

WATER METER – A device that measures household water consumption; the water company uses this information to calculate your monthly charge.

WATER TABLE – The upper level of an underground surface permanently saturated with water. The water table is under groundwater zone and above the zone of aeration; it fluctuates from season to season, depending on climate and vegetation. Sometimes calledgroundwater table.

WEAR AND TEAR – The depreciation of an asset (property) due to the effects of everyday use.

WAIVER – The passing-by of an occasion to enforce a legal right, whereby the right to enforce the same is lost. It may be expressed or implied; expressed as a statement that a right is waived; implied, but conduct indicating an intention to abandon the right.

WALL CAVITY – The space between the inner and outer sections of a wall.

WATER CLOSET – A room equipped with toilet fixtures and facilities.

WEATHERBOARD – External wall sheeting formed with overlapping pieces of timber.

WEATHERSTRIPPING – The process of sealing openings such as doors and windows from the elements.

WEEP HOLES – Formed holes or openings placed in the brick joints of a masonry wall. Above the level of a flashing or at the bottom of a cavity to permit the drainage of any accumulated moisture or water. Weep holes may be installed in a retaining wall to drain water from behind the wall for relieving hydrostatic pressure.  Also found in storm window frames, in brickwork, the bottom of wall cavities, etc.

WIND LOAD – All forces on a building or structure caused by or imputed due to wind pressure, which have to be taken into account in the design of the structure. Most wind loads on dwellings are uplift loads on roofs.

WINDERS – Wedge shaped treads in a staircase landing.

WINDOW TREATMENTS –  Curtains, blinds, roller blinds, venetians, vertical drapes and so on usually staying with the property unless otherwise agreed.

WITHOUT RESERVE – An auction term signifying that a reserve price has not been set, such that the highest bid will prevail.

WORKERS LIEN – A  lien has the effect of a caveat.

WRAPPING – A type of contract where the property price and loan interest rates are usually well above the market rate. Penalties for defaulting can be severe. Such contracts should be entered into with caution. (It is recommended legal advice be sought before undertaking this form of purchase.

Real Estate Glossary Letter :  

 

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YARD – 1. Any part of a property surrounding or associated with a house or other residential structure. The yard in front of a house is referred to as a front yard, the area at the rear is known as a backyard.
2. A measure of length, equivalent to 0.9144 metres (based on the international yard).
3. An enclosure within which work or business is carried out on, usually with small improvements secondary to the main use, such as the display of vehicles in a car yard with small sales office.

YIELD – The derived percentage return of a property assessed from the net income and the market value or price. It is calculated by dividing the net income by the opening market value or price.

Real Estate Glossary Letter :   Z

 

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ZONING – A local planning tool to control the present and future development of land and its permissible use.

Z-PURLIN – A metal purlin with a cross section in the shape of the letter Z.

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