Dictionary

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Wraparound Mortgage

A mortgage that includes the remaining balance on an existing first mortgage plus an additional amount requested by the mortgagor. Full payments on both mortgages are made to the wraparound mortgagee, who then forwards the payments on the first mortgage to the first mortgagee.

Writ of Execution

A court order that authorizes and directs the sheriff to sell property of a defendant to satisfy a judgment.

Writ of Possession

A court order authorizing a sheriff to return leased premises to the owner following an eviction suit, pursuant to a judgment of possession.

X Bracing

Cross bracing in a partition.

XCU Exclusion

An exclusion often found in a Commercial General Liability policy that excludes liability for explosions, collapse, or underground hazards.

Yard

The open grounds of a property.

Year to Year Tenancy

A periodic tenancy in which the rent is reserved from year to year.

Yield

The actual return on an investment usually paid in dividends or interest.

Yield Spread

The difference in income derived from a commercial mortgage and from a benchmark value. Also the difference between a mortgage’s wholesale rate and retail rate.  Mortgage brokers get paid primarily via maintaining a yield spread.

Zero Lot Line

A term generally used to describe the positioning of a structure on a lot so that one side rests directly on the lot’s boundary line. Where allowed by zoning a zero lot line is used for garden homes.