Real Estate Dictionary

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GAZEBO - An open structure, usually in the garden where one may set and enjoy the view. Also called a belvedere.

GENERAL CONTRACTOR - One who contracts for the construction of an entire building or project, rather than a portion of the work. The general contractor hires the subcontractors such a plumbers and electricians.

GENERAL LIEN - 1) A lien such as a tax lien or judgment which attaches to all property of the debtor. 2) The right of a creditor to hold personal property of a debtor for payment of a de3bt not associated with the property being held. Must be done under an agreement since since it is against the general precepts of law.

GERRYMANDER - To divide an area into districts, against the obvious natural divisions, in order to accomplish an unlawful purpose. Examples would be; to divide a school district to keep out certain people for reason of race or religion. To divide a political district so as to give power to a political party.

GIFT - a voluntary transfer of property without valuable consideration.

GIFT LETTER - A signed letter or statement from an individual providing a ash gift to a borrower in order to qualify for a loan. The letter or statement states that the cash gift does not have to be repaid.

GINNIE MAE (GNMA) - Government National Mortgage Association. A federal association working with FHA which offers special assistance in obtaining mortgages, and purchases mortgages in a secondary capacity.

GOOD FAITH - Something done with good intentions, without knowledge of fraudulent circumstances, or reason to inquire further.

GOOD FAITH ESTIMATE - A document prepared by the lender showing borrowers the estimated cost they will incur that will be payable at closing.

GOVERNMENT SURVEY - The survey from which our present system of townships, sections, etc., was developed.

GRACE PERIOD - A period of time past the due date that a mortgage payment or insurance premium may be made and not considered delinquent.

GRADUATED PAYMENT MORTGAGE (GPM) - A mortgage based on payments that will be increased over time dependent on a predetermined schedule.

GRANDFATHER CLAUSE - A clause in the law permitting the continuation of use which when established was permissible but because of a change in the law, is now not permissible.

GRANTEE - One to whom a grant is made. Typically the buyer.

GRANTOR - One who grants property or property rights. Typically the seller.

GROSS INCOME MULTIPLIER - Using the gross annual income of a property to calculate an estimate of a property's value.

GROUND LEVEL - Being at the level of the surrounding land, such as the ground floor of a building.

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