Real Estate Glossary V - Z

Virtual Tour: A visaul tour provided to anyone using the WWW to display the properties, individual features, and contents of any property.

Void: Having no legal force or effect.

Waiver: The intentional or voluntary relinquishment of a known claim or right.

Walk Through: A) Buyer's on-site inspection of the property being purchased. B) A detailed inspection of a new construction, in which a punch list and cosmetic items are addressed prior to final acceptance.

Work Letter: A list of the building standard items that the landlord will contribute as a part of the tenant improvements.

Zoning: Police powers of city in regulating and controlling the character or use of property. Zoning laws divide cities into different areas according to use, from single-family residences to industrial plants.

Zoning Ordinances: Laws which control the size, location, and use of buildings in different areas.