waiver
The relinquishment of a right. In construction, most commonly the waiver by subcontractor of their mechanic's lien rights in order for the owner to obtain draws under a construction loan.

warranty
A legal, binding, promise, given at the time of sale, whereby the seller gives the buyer certain assurances as to the condition of the property being sold.

water rights
Any right to the use and/or control of water, whether for irrigation, hydro electric power, personal use, etc.