|
General Contractor - Person who oversees and is responsible for completion of a construction project, including the scheduling of workers, ordering of supplies and so on. Some contractors also participate in the actual building process, such as framing, roofing, installing insulation, etc. See also, contractor.
|
|
General Warranty Deed
- Written document providing evidence of the transfer of ownership of real
property, along with promises, or warranties, from the grantor that the
property's title is free and clear of all encumbrances, except those
specifically mentioned in the deed. Provides the most protection for a buyer and the greatest
liability for a seller. See also, statutory warranty deed.
|
|
Ginnie Mae - See Government National Mortgage Association.
|
|
Good Faith Estimate - Document from a lender outlining the costs incurred in a mortgage; gives an estimate of funds needed for closing. The GFE is based on a lender's typical loan origination costs for the area and often changes slightly between application and closing. Lenders are required by law to provide this document to loan applicants. See also, Real Estate Settlement Procedures Act.
|
|
Government Mortgage - Any mortgage made or insured by a government agency, especially the Federal Housing Administration, Department of Veterans Affairs, U.S. Department of Agriculture, or similar state government agencies. Contrast with conventional mortgage.
|
|
Government National Mortgage Association (GNMA) - Government agency within the U.S. Department of Housing and Urban Development (HUD). Popularly known as "Ginnie Mae" and created by Congress in 1968. Buys FHA and VA loans on the secondary market and sells mortgage-backed securites called "Ginnie Maes." Also finances urban redevelopment and housing projects through special loans to low-income families.
|
|
Graduate, REALTOR®
Institute - Often referred to with the three-letter designation "GRI," this is a licensed real estate professional who is a member of the
National Association of REALTORS®
and who has completed an intensive, multi-level course in subjects ranging from
real estate law, contract law, real estate investment, marketing, accounting and
more. See also, National Association of REALTORS®.
|
|
Graduated Lease - Lease calling for rental payments to increase at specified times throughout the lease; increases may be pre-set or tied to some specific index, such as the cost-of-living index or the consumer price index.
|
|
Graduated-Payment
Mortgage - Real estate loan calling for payments to increase at specified
times over the life of the loan, thus allowing a buyer to have lower payments at
the loan's inception and increasing the amount a buyer may qualify to borrow.
|
|
Grantee - Party to whom an interest in real property is given or conveyed. In the sale of real estate, the buyer is the grantee because he is receiving ownership of the property. In the case of a mortgage with a deed of trust, the lender is the grantee because he receives an interest in the property through the deed of trust.
|
|
Grantor - Party conveying, or granting, an interest in real property. In the sale of real estate, the seller is the grantor because he is giving away or granting his ownership rights to another party. In the case of a mortgage with a deed of trust, the buyer (or the owner in a refinance) is the grantor, because he is using the deed of trust to grant a security interest to the lender.
|
|
GRI - See Graduate,
REALTOR® Institute.
|
|
Gross Income - Total revenue before taxes or adjustments. See also, gross operating income.
|
|
Gross Income Multiplier - Figure arrived at by dividing a property's price or value by the gross annual income derived from the property; sometimes used as a rule of thumb in estimating value for income property.
|
|
Gross Lease - Lease obligating the landlord, or lessor, to pay all of the expenses of the property, especially such things as insurance, property taxes, utilities, maintenance, etc. More often used in commercial properties.
|
|
Gross Rent Multiplier - Figure arrived at by dividing a property's price or value by the gross monthly rent derived from the property; sometimes used as a rule of thumb in estimating value for rental property.
|
|
Gross Operating Income - Total scheduled income for a rental property, less losses from vacancies.
|
|
Ground Rent - Money paid for the use of land when held as a leasehold estate rather than as a freehold estate. For an improved property, such as that with a building, rent attributable to the land only, not the improvements.
|
|
Group Home - Residential structure, often single-family detached, designed or adapted for occupancy by unrelated persons possessing a similar condition or need (e.g., developmental disability, foster care needs, behavioral problems, etc.). Long-term housing and support services are generally included in group home programs.
|
|
Growing Equity Mortgage (GEM) - Fixed-rate real estate loan providing for scheduled payment increases over an established period, with payment increases being attributed to principal only, thus reducing the payoff time for the loan.
|
|
Guaranteed Mortgage - See insured mortgage.
|
