The Internet Real Estate Glossary

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To look up the real estate term you want, just click on the letter that the term begins with.

Gain - an increase in money or property value.

Garden Apartments - a housing complex whereby some or all tenants have access to a lawn area.

Garnishment - To garnish wages. Procedure by which a portion of a debtor’s wages are held back to repay the creditor.

General Contractor - one who constructs a building or other improvement for the owner or developer.

General Index - A title company's record of negative items (involuntary liens, bankruptcy, etc.) affecting title to property. It is an alphabetized name index (of individuals or entities) rather than a geographic index by legal description.

General Lien - A lien against an individual. By operation of law it will automatically attach to any real property the individual owns or comes into title to, once the lien is recorded and becomes part of the public record.

General warranty deed - A deed in which the seller agrees to protect the buyer against any other claim to title of the property. (See also “warranty deed.”)

Gentrification - the displacement of lower income residents by higher income residents in a neighborhood.

Ginnie Mae (GNMA) - Government National Mortgage Association. A federal association working with the FHA to offer special assistance in obtaining mortgages and to purchase mortgages in a secondary capacity.

Good Faith Estimate - Estimate of the settlement costs the borrower is likely to incur at closing.

Good Title - One which is free from encumbrances such as liens, pending litigation and other such defects.

Government National Mortgage Association - GNMA (See above).

Grace Period - Additional time allowed to perform an act or make a payment before a default occurs. A period of days during which a debtor may cure a delinquency without penalty (before triggering a late charge, a foreclosure or an acceleration of the balance due).

Graduated payment mortgage (GPM) - A mortgage that has lower payments initially (with the potential for negative amortization) that increase each year until the loan is fully amortized or paid off.

Grandfather Clause - Creating an exemption from application of a new law due to previously existing circumstances; non-conforming use.

Grant - Transferring real estate by means of a deed.

Grantee - The buyer or recipient in a deed who buys real estate..

Grantor - The seller or giver in a deed who sells real estate..

Ground rent - Rent paid for vacant land. If the property is improved, ground rent is the portion attributable to the land only.

Grace period - A granted time of indulgence. The term has its basis in insurance law where insurance coverage is continued for a specific period of time beyond the premium due date during which the insurance is kept in force and during which the premium may be paid to retain the coverage. Generally contains no legal relevance in mortgage law.

Ground lease (also called a land lease) - Long-term lease of undeveloped land, usually fifty years or more. This type of lease would allow the lessee to make major improvements on the land. At the end of the lease, all improvements become the property of the lessor.

Gross Debt Service - the amount of money needed to pay principal, interest and taxes, and sometimes energy costs. If the dwelling unit is a condominium, all or a portion of common fees are excluded, depending on what expenses are covered.

Gross Income - The actual income received from property before the deduction for any expenses.

Gross Income Multiplier (GIM) - A method of appraising income-producing property based on a multiple of the annual gross income; also called a gross rent multiplier.

Gross Rent Multiplier - the sales price divided by the gross annual rental rate.

Ground Lease - one that rents the land only.

GSE - Government Sponsored Enterprise such as Fannie Mae.

Guaranteed Loan - A loan guaranteed by the Veterans Administration by virtue of 38 U.S.C. Chapter 37, the Farmers Home Administration or any other interested party.

Guarantee period - The length of time a mortgage rate and/or points will be guaranteed. Usually 45 to 60 days.

Guaranteed loan - A loan guaranteed by VA, FmHA, or any other interested party.

Guaranty Fee - Compensation paid by a lender to Fannie Mae, Freddie Mac, Ginnie Mae, or private company for the guarantee of timely payment of principal and interest to the MBS security holder. This underlying guaranty enhances the value of the security allowing a lower yield.

Guardian Ad Litem - A special guardian appointed by the court to prosecute or defend, on behalf of another person that is otherwise incapable of defending or prosecuting on their own behalf. Such guardian is considered an officer of the court. Guardians Ad Litem are often appointed to represent the interests of an infant, an incompetent or one who is unable to defend himself.

This real estate glossary is courtesy of the Internet Real Estate Center - Join the Online Real Estate Revolution.