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 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 – A partnership where all partners participate in the operation and management of the business and share full liability for business losses and obligations. See also partnership.
General real estate tax – A tax which is made up of the 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.
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.
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) – See Ginnie Mae.
Government survey system – See rectangular (government) survey system.
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.
Grantee – A person who receives a conveyance of real property from a grantor.
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.
Gridiron – A street pattern that evolved out of the government rectangular survey system. Features large lots, wide streets, and limited-use service alleys.
Gross income multiplier (GIM) – A figure used as a multiplier of the gross annual income of a property to produce an estimate of the property’s value.
Gross lease – A lease of property according to which a landlord pays all property charges regularly incurred through ownership, such as repairs, taxes, insurance, and operating expenses. Most residential leases are gross leases.
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.
Ground lease – A lease of land only, on which the tenant usually owns a building or is required to build as specified in the lease. Such leases are usually long-term net leases; the tenant’s rights and obligations continue until the lease expires or is terminated through default.
Groundwater – Water that exists under the earth’s surface within the tiny spaces or crevices in geological formations.
Growing-equity mortgage (GEM) – A loan in which the monthly payments increase annually, with the increased amount being used to reduce directly the principal balance outstanding and thus shorten the overall term of the loan.
