Dictionary of Terms - G

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Gap: A defect in the chain of title of a particular parcel of real estate; a missing document or conveyance that raises doubt as to the present ownership of the land.
General Agent: One who is authorized by a principal to represent the principal in a specific range of matters.
General Lien: The right of a creditor to have all of a debtor's property-both real and personal- sold to satisfy a debt.
General Partnership: See partnership.
General Purpose Property: Property that is readily adaptable to alternate uses or users.
General Real Estate Tax: Taxes levied on the real estate by government agencies and municipalities.
General Warranty Deed: A deed in which the grantor fully warrants good clear title to the premises. Used in most real estate deed transfers a general warranty deed offers the greatest protection of any deed.
Gentrification: Renovation of downtown or older neighborhoods by middle or upper income level persons causing a displacement of the existing lower income occupants.
Geodetic Survey System: A legal description of land maintained by the United States government as a part of the rectangular survey system. Topographic maps, which consider the curvature of the earth's surface, are created based on latitude and longitude.
Gift: Funds a buyer receives from a relative or other source. Mortgage lenders usually require a gift letter from the giver of this "gift money" stating that the money does not have to be repaid.
Ginnie Mae: A government agency that plays an important role in the secondary mortgage market. It sells mortgage' backed securities that are backed by pools of FHA and VA loans.
GLA: See "Gross Living Area."
Going Concern Value: The value existing in an established business property compared with the value of selling the real estate and other assets of a concern whose business is not yet established. The term takes into account the goodwill and earning capacity of a business.
Good Faith Estimate: An estimate from an mortgage lender or broker showing the all the costs associated with obtaining a home loan including loan processing, title and inspection fees.
Government Check: The 24-mile-square parcels composed of 16 townships in the rectangular (government) survey system of legal description.
Government Lot: Fractional sections in the rectangular (government) survey system that are less than one quarter, section in area.
Government National Mortgage Association: (GNMA or Gmnnie Mae) - A government agency that purchases mortgages through its secondary mortgage market operations and issues mortgage-backed, federally insured securities called Collateralized Mortgage Obligation (CMOs).
Government Rectangular Survey: A method of legally describing land that divides land into quadrangles from the meridian (north-south line) and the base line (east-west line). Quadrangles are further divided into townships, which are six miles square, each containing 36 sections, which are 1-mile square or 640 acres.
Government Survey System: See rectangular (government) survey system.
Grace Period: A specified amount of time in which a borrower may make a loan payment after its due date without penalty.
Graduated Payment Mortgage: A mortgage that requires a borrower to make larger monthly payments over the term of the loan. Payments are lower for the first few years but gradually rise until year three or five, when payments become fixed.
Graduated-payment Mortgage (GPM): A loan in which the monthly principal and interest payments increase by a certain percentage each year for a certain number of years and then level off for the remaining loan term.
Grand List: In New England, the tax roll or assessment list of a community.
Grant Deed: A type of deed in which the grantor warrants that he or she has not previously conveyed the estate being granted to another, has not encumbered the property except as noted in the deed, and will convey to the grantee any title to the property the grantor may later acquire.
Grantee: The person who purchases a property
Granting Clause: Words in a deed of conveyance that state the grantor's intention to convey the property at the present time. This clause is generally worded as "convey and warrant"; "grant"; "grant, bargain and sell"; or the like.
Grantor: The person transferring title to or an interest in real property to a grantee.
Gross Building Area: All enclosed floor areas, as measured along a building's outside perimeter.
Gross Income Multiplier: A figure used as a multiplier of the gross annual income of a property to produce an estimate of the property's value.
Gross Income Multiplier: A figure used as a multiplier of the gross income of a property to produce an estimate of the property's value.
Gross Income: The total household income before taxes or other expenses are subtracted.
Gross Leasable Area: Total space designed for occupancy and exclusive use of tenants, measured from outside wall surfaces to the center of shared interior walls.
Gross Lease: A lease of property under which the lessee pays a fixed rent and the owner pays all property charges regularly incurred through ownership, such as repairs, taxes, insurance and operating expenses.
Gross Living Area (GLA): Residential space measured by finished and habitable above-grade areas as measured from the exterior walls. Historically appraisers have considered GLA to be the number of square feet in an improvement that is heated and cooled. Exterior dimensions are typically used to calculate GLA for detached dwellings. Interior dimensions are used for Condominiums and some attached dwellings. The area of a partial floor, such as an attic is typically calculated by interior measurements. (see "Finished Square Footage")
Gross Market Income: (See potential gross income.)
Gross Rent Multiplier (GRM): The figure used as a multiplier of the gross monthly income of a property to produce an estimate of the property's value.
Gross Rent Multiplier (GRM): The ratio of sale price or value to annual potential or effective gross income. Sometimes the multipliers for residential properties are calculated with the use of monthly income instead of annual.
Ground Lease: A lease of land only on which the lessee usually owns the building or is required to build as specified by the lease. Such leases are usually long-term net leases; the lessee's rights and obligations continue until the lease expires or is terminated for default.
Ground Rent: Rent paid for the right to use and occupy land according to the terms of a ground lease.
Growing Equity Mortgage (GEM): A type of loan that rapidly increases the equity in a property by increasing the monthiy payments a certain percentage each year and applying those increases to the principal.
Growing-equity Mortgage: A fixed rate mortgage that increases payments over a specific period of time. The extra funds are applied to the principal.

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