Key Real Estate Terms G | Myers & Myers Real Estate

Definitions Of Key Real Estate Terms G

This article provides the definitions of key estate terms beginning with the letter G.

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.

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Definitions Of Key Real Estate Key Terms G