Waiver
A voluntary relinquishment or surrender of a known right, claim, or privilege in a real estate transaction. This legal document demonstrates that a party has intentionally given up their right to enforce a particular condition or requirement.
Example
“The buyer signed a waiver agreeing to purchase the home without requiring the seller to fix the minor plumbing issues found during inspection.”
Memory Tip
Think 'wave goodbye' to your rights - you're waving them away voluntarily.
Why It Matters
Waivers allow transactions to proceed even when certain conditions aren't met, providing flexibility for buyers and sellers to complete deals that might otherwise fall through.
Common Misconception
A waiver doesn't automatically apply to all similar situations in the future - it typically applies only to the specific condition being waived at that moment.
In Practice
A buyer might sign a waiver for a minor repair issue discovered during inspection rather than requiring the seller to fix it before closing. This allows the sale to proceed on schedule while the buyer accepts responsibility for addressing the issue later.
Etymology
From the Anglo-French 'weyver' meaning 'to abandon' or 'to waive,' originally from a legal term meaning to voluntarily give up a claim.
Common Misspellings
Compare today's mortgage rates
More in real estate
Other real estate terms you should know
Need financial definitions?
Clear definitions for 2,500+ finance, insurance, and investing terms.