GLOSSARY OF TERMS - W
|WORKING CAPITAL: |
In a financial statement, the difference between current assets and current liabilities (CA -CL = working capital).
|WORKING DRAWINGS: |
Drawings necessary to obtain a building permit and the construction of tenant improvements.
That part of the lease, usually attached to the back as an exhibit, which delineates all work that is to be done for the tenant by the landlord (sometimes called a construction rider).
The various ways to offset a foreclosure or other problems with the property.
|WRAPAROUND MORTGAGE: |
A method of financing in which the new mortgage is placed in a secondary or subordinate position; the new mortgage includes both the unpaid principal balance of the first mortgage and whatever additional sums are advanced by the lender. Sometimes called an all-inclusive loan, an overriding loan or an overlapping loan.
|WRIT OF EXECUTION: |
A court order authorizing and directing an officer of the court to levy and sell property of the defendant to satisfy a judgment.
|WRIT OF POSSESSION: |
A court order directing the sheriff to remove the tenant and his or her possessions within five days.
This Glossary of Commercial Real Estate Terms is provided for general understanding purposes. Readers should consult with their legal and/or accounting professionals for specific situations and questions. TM 1031 Exchange Inc. and its employees provide neither legal nor accounting services or advice.