The Ultimate Real Estate Glossary: Letter W-Z
We’ve now reached our final installment of our comprehensive Ultimate Real Estate Glossary. If you’re just starting out, feel free to go back and catch up on all the terms! Our glossary tackles all the important terms from A-Z to complete your real estate industry knowledge.
For this particular installment, we’re tackling the terms that start with the letters W, X, Y, and Z. So, if you have a word in mind that starts with any of those letters, you’ve come to the right place.
Here’s a list of words and terms that start with the letters W to Z to familiarize yourself with.
Real Estate Glossary: The Letters W, X, Y, and Z
W-2 Form: Employers are required to issue W-2 forms when they pay their employees. These documents reflect the amounts that have been paid and how much was withheld from an employee’s salary for tax payment. Tax payments are done in accordance with federal law, including Social Security payments and health insurance.
W-9 Form: The W-9 form is an IRS tax form that can be used to request confirmation of your identity and address. The information on this document will allow you to file taxes with ease. It’s important for both individuals who are US citizens or residents living in America with dual nationality. Another term for W-9 forms is Request for Taxpayer Identification Number (TIN).
Walk-through: A walk-through is a way for buyers and agents alike to check that everything is in order and ready for finalizing the sale. This final tour may include inspections or any last-minute details which need attention before closing.
Will: A will is a legal document that dictates how someone would like their property and assets distributed after death. The will dictates who should receive what and if there are conditions they must fulfill before their acquisition.
X: ‘X’ is a universal signature for those unable to write, meaning it’s an accepted method in place of a signature. If a person has difficulty signing their name, they can choose to place an ‘X’ in any legal document or contract. This will specify that the signer is aware of what they are doing. A witness or witnesses must be present to attest by signing their name underneath.
Yield rate: The yield rate is an important factor to determine how much money you will make from your investment. To calculate, simply divide a property’s yearly net income by its market value, and express it in a percentage. The higher the yield rate, the more profitable the property.
Zero-lot lines: Zero-lot lines allow developers and builders to maximize the use of a lot by allowing multiple homes on a single property. Developers will often zone residential properties as “zero-lot” in order to provide more usable space. This makes residency in premium locations more financially accessible.
Zoning: The system of regulations placed on an area of land to dictate what can be done with it is referred to as zoning. For example, the different regulations explain if it can be used for agriculture, residences, or commercial services. Zoned areas are created by governments to help city planners use real estate in the best way possible, especially since the land is a limited resource. The practice also allows residences to stay away from polluted factories and noisy roads.
Conclusion
Whether it’s for a personal home or investment, real estate provides opportunities to grow your money to secure your financial future.
Before you spend your hard-earned money on a piece of property, take the time to go through our Ultimate Real Estate Glossary series and learn the complex jargon of the industry. Increasing your knowledge today is one small step towards making better investment decisions.
Put what you’ve learned into practice and remember—you can come back often for a refresher!
That’s it for our series! If you want to learn some more, then consider checking our previous installments. And if we missed a word, let us know in the comments below.