Real Estate Glossary "G"
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
gap - A defect in the chain of title that raises doubt as to the ownership of a parcel of real estate. general agent - Represents the principal in a related range of activities. general lien - A lien that applies to all of a person's property. general partnership - A partnership in which all of the partners are general partners and have unlimited liability and the right to manage the partnership. general warranty deed - A type of deed that provides the greatest protection to the grantee because the grantor provides various covenants (guarantees) that the title being given is good. Ginnie Mae - See Government National Mortgage Association. good-faith estimate - An estimate required by RESPA and provided to the buyer by the lender stating the expected closing costs the buyer will incur. government lots - Lots that are smaller than full quarter sections. Used in the rectangular survey system of describing real estate. Government National Mortgage Association (GNMA) - A wholly owned government corporation that provides a secondary market for VA and FHA loans. Also known as "Ginnie Mae." government survey system - See rectangular survey system. graduated lease - Allows for rent changes at set future dates. Also called a variable lease. graduated payment mortgage (GPM) - A loan program that has smaller loan payments in the early years of the loan and larger payments in later years. Designed for buyers who do not have sufficient income to qualify for larger loans but have good income potential. grant deed - Grantors provide assurance only that there were no encumbrances on the property while they held title. Similar to a special warranty deed. grantee - The party who receives an ownership interest in property. granting clause - States the grantor's intention to transfer title and the type of ownership interest conveyed. Also called words of conveyance. grantor - The party who gives an ownership interest in property. gross income multiplier (GIM) - A shortened method of estimating the value of income-producing property. The multiplier is found by dividing the selling price by gross annual income of comparable properties. The GIM is used to find the value of the subject property by multiplying the gross annual income of the subject property by the multiplier. gross lease - A lease agreement in which the tenant pays a fixed amount of rent and the owner pays all of the expenses of the building. This is the most common type of lease arrangement. gross rent multiplier (GRM) - A shortened method of estimating the value of income-producing rental property. The multiplier is found by dividing the selling price by the residential gross monthly rent of comparable properties. The GRM is used to find the value of the subject property by multiplying the gross monthly rent of the subject property by the multiplier. Usually used for single-family rental property. ground lease - A long-term lease of land (50 years or more) that usually requires that the tenant construct a building. guide meridians - In the rectangular survey method of describing real estate, every fourth range line is a guide meridian and is used in conjunction with correction lines to compensate for the curvature of the earth. |
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