Albuquerque NM Real Estate Key Terms
General Lien is the right of a creditor to take all of a debtor’s property, both personal and real.
General Warranty Deed is a deed in which the grantor fully warrants good clear title to the property. This type of deed offers the greatest protection of any deed.
Gift Tax is a federal tax paid by a donor upon making a gift. There is an exclusion of $13,000 per donor per done, per year. For example, a mother can give each of her 4 children $13,000 per year with no tax consequence; the father also can give each of their children $13,000 per year.
Ginnie Mae is a government agency that that guarantees mortgage backed securities using FHA and VA loans as collateral in the secondary mortgage market.
Good Consideration is consideration founded of love and affection.
Good Faith is an act done honestly.
Good Faith Estimate is a preliminary accounting of expected closing costs.
Graduated Payment Loan is a loan which the monthly principal and interests payments increase by a certain percentage each year for a certain number of years the levels off for the remaining loan term.
Grandfather Clause is a common expression used to convey the idea that something that was once permissible continues to be permissible despite changes in the controlling law.
Grantee is a person who receives a conveyance of real property from a grantor.
Granting Clause is words in a deed of conveyance that state the grantor’s intention to convey the property at the present time,
Grantor is the person transferring title to or an interest in real property to grantee.
Gross Income Multiplier is 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 is a lease of property according to which a landlord pays all property charges regularly incurred thorough ownership such as repairs, taxes, insurances, and operating expenses. Most residential leases are gross leases.
Gross Rent Multiplier (GRM) is 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 is a lease of land only on which the tenant usually owns a building.
Growing Equity Mortgage is a loan in which the monthly payments increase annually. The increased amount is used to reduce the principal balance and shorten the overall term of the loans.
Guaranty is a pledge or security made by one person to insure hat another person will perform his or her contract or fulfills his or her obligations to a third person.
Guardian is a person appointed by the court of by a will given the lawful custody and care of the person or property of another.
Myers & Myers Real Estate is a full service real estate brokerage located in Albuquerque New Mexico. We help home buyers and home sellers in the Albuquerque metro achieve their real estate goals. Our website has every home for sale in the Southwest Multiple Listing Service. Check out homes for sale in Albuquerque, homes for sale in Rio Rancho, homes for sale in Corrales, homes for sale in East Mountains, homes for sale in Valencia County, and homes for sale in Los Lunas.