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Here is the "G" page
from our dictionary of
real estate terms and definitions beginning with "gable roof" and ending with
"guardian".
We try to provide as much information
as possible to buyers of Ocala Real Estate. These terms and definitions apply
pretty much nation wide, and we try to update with terms specifically relating
to Florida Real Estate as soon as we come across something we've missed. We
welcome your comments and suggestions!
GABLE ROOF:
An angled roof, triangular in shape.
GAIN:
Any increase in value or monetary holdings.
GAMBREL ROOF:
A roof that has two, differently angled slopes on each side of the peak,
the upper slope being flatter while the lower slope is steeper.
GARDEN APARTMENTS:
A description of a kind of apartment unit which enjoys direct access to a
lawn or other garden-like area.
GENERAL CONTRACTOR:
The central figure in most construction pyramids, the person hired by the
owner to plan and oversee the entire job. Often hires subcontractors who
specialize in the various trades required for the job (i.e. plumbers,
electricians, framers, carpenters, etc.).
GENERAL LIEN:
A lien which affects all property of a person.
GENERAL PARTNERSHIP:
A partnership where all partners can participate in management and
liability.
GENERAL WARRANTY
DEED:
Instrument which transfers legal title to property in which the Grantor
warrants clear title to the Grantee.
GENTRIFICATION:
The process in which a neighborhood is transformed from low-value to
high-value properties.
GEORGIAN:
A classic looking, English-style house, rectangular in shape, large, with
two or three stories complemented by classic lines.
GI LOAN:
Also known as "VA loan".
GIFT DEED:
A deed for which the consideration is love and affection and where there
is no material consideration.
GINNIE MAC (GNMA):
Government National Mortgage Association. Assistance in obtaining
purchase mortgages.
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GOOD AND MARKETABLE
TITLE:
Ownership of a property which is free of competing claims and interests.
GOOD FAITH ESTIMATE:
A written statement of the anticipated costs of completing a loan
transaction which must be provided by a lender to a borrower within 72 hours of
the submission of the loan application.
GOOD FAITH:
A term to describe a party's legitimate and honest efforts to meet her
obligations in a given situation.
GOODWILL:
The expectation of continued public patronage of a business.
GOVERNMENT RECTANGULAR SURVEY:
A regularized system of surveying land using 24-square-mile quadrangles
which are then further divided into 6-square-mile parts called "townships",
which are in turn subdivided into 36 1-square-mile "sections".
GRACE PERIOD:
The time a borrower is allowed after a payment is due to make that
payment without incurring penalties.
GRADE:
The contour of the land, usually around a building, which affects
drainage patterns on the property.
GRADIENT:
Expressed as a percentage, the rate of increase or decrease in the legal
of land, the slope.
GRADUATED LEASE:
Lease which provides for a varying rental rate, often based upon future
determination; sometimes rent is based upon result of periodical appraisals;
used largely in long-term leases.
GRADUATED PAYMENT
MORTGAGE (GPM):
A land loan in which the periodic payments increase at a stated rate over
a stated period of time before leveling off for the remainder of the term of the
loan.
GRADUATION PERIOD:
The interval between increases in the payments on a GPM.
GRADUATION RATE:
The rate at which the payments increase in a GPM, expressed as a
percentage.
GRANDFATHER CLAUSE:
A provision in a law that ensures that the law is not retroactive, that
it does not render a previously legal thing illegal. For example, a new zoning
by-law requiring all houses to be at least five feet from the side lot line
would not render illegal a 20-year-old house that stands three feet from the
side lot line. The property would be described as "legal non-conforming".
GRANT:
A technical term made use of in deeds of conveyances of lands to impart a
transfer.
GRANT DEED:
A deed conveying the title. It has two implied warranties.
GRANTEE:
The purchaser; a person to whom a grant is made.
GRANTOR:
Seller of property; one who signs a deed.
GRANTOR/GRANTEE
INDEX:
An alphabetical listing of the parties to all transfers of land,
cross-indexed by grantor, grantee and the property transferred.
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G.R.I.:
Graduate, Realtors Institute.
GRID:
A chart used in rating the borrower risk, property and the neighborhood.
GROSS AREA:
The total floor space of a building, including unusable space, measured
from the outside walls.
GROSS INCOME:
Total income before any expenses are deducted.
GROSS LEASABLE AREA:
The total usable, rental space in a building.
GROSS LEASE:
A rental agreement for the use of the property where the tenant pays a
certain periodic amount which does not change as a result of changes in the
various expenses of the property, which are the sole responsibility of the
landlord.
GROSS MARGIN:
The difference between the interest rate chargeable on a variable or
adjustable rate mortgage and the rate set by the index rate upon which the
mortgage rate is based.
GROSS RENT MULTIPLIER:
A figure which, times the gross income of a property, produces an
estimate of value of the property.
GROUND LEASE:
An agreement for the use of land only, sometimes secured by improvements
placed on the land by the user.
GROUND RENT:
Earnings of improved property credited to earnings of the ground itself
after allowance is made for earnings of improvements; often termed economic
rent.
GROUP HOME:
A dwelling which has been adapted to house a number of un-related persons
who share a common characteristic.
GROWING-EQUITY
MORTGAGE (GEM):
A mortgage with a fixed interest rate which has periodic payments which
increase at intervals, the added money per payment being applied directly to the
outstanding principal on the mortgage.
GUARANTEE:
1. An enforceable warranty on the continuing usefulness of a product.
2. An agreement by a third party to a loan transaction to join in the
transaction and to be held liable for the moneys secured by the loan instrument
should the principal debtor fail to pay.
GUARANTEE OF TITLE:
Opinion of title condition backed by a fund to compensate in case of
negligence. A forerunner of title insurance.
GUARANTEE MORTGAGE:
A land loan that has a third party added to provide added assurance that
the obligations under the loan will be met.
GUARANTY FEE:
Fannie Mae's fee for insuring a mortgage.
GUARDIAN:
A person appointed by a court to care for the person or property of a
minor or incompetent person.
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