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Find
the meaning of all the key terms used in Real Estate Vocabulary. Click on
the corresponding letter to find the word, which are all listed in
alphabetical order. We hope this service helps you further.
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the Letter that Correspond to the word
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 registered claim against property which, instead of attaching just to
one property, attaches to all properties owned by the party against whom
the claim has been made.
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 storeys complemented by classic lines.
GI
LOAN:
Also known as "VA loan".
GIFT
DEED:
Instrument which transfers legal title to property for no consideration
(except perhaps natural love and affection).
GINNIE
MAC (GNMA):
Government National Mortgage Association. Assistance in obtaining purchase
mortgages.
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.
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:
A rental agreement in which the periodic rental payments increase at
specified points in time.
GRADUATED
PAYMENT MORTGAGE (GPM):
A land loan in which the periodic payments increase at a stated rate over
a stated period of time before levelling 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:
The act of giving title to another. May also be used as a noun, meaning
the instrument that transfers title.
GRANTEE:
One who receives title.
GRANTOR:
One who gives title to another.
GRANTOR/GRANTEE
INDEX:
An alphabetical listing of the parties to all transfers of land,
cross-indexed by grantor, grantee and the property transferred.
GROSS
AREA:
The total floor space of a building, including unusable space, measured
from the outside walls.
GROSS
INCOME:
A person's earnings from all sources in a given period before 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.
GROUND
LEASE:
A long-term lease of land (often 99 years) in which the tenant is allowed
to improve the land and use it for the term of the lease at the end of
which the land and all improvements revert to the control and occupancy of
the owner.
GROUND
RENT:
Portion of rent attributable to the land alone.
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
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
Perdido
Key Florida Real Estate Real Estate Dictionary |
