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Real Estate Dictionary/Glossary A,
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N.B. This glossary is provided with the understanding that the author is not
providing any legal, or other professional services. If legal or real estate
advice is required, the services of a competent professional person should be
sought.
Gap
A defect in the chain of title of a particular parcel of real estate; a missing
document or conveyance that raises doubt as to the present ownership of the
land.
General Agent
One authorized by a principal to perform any and all acts associated with the
continued operation of a particular job or a certain business of the principal.
The essential feature of a general agency is the continuity of service, such as
that provided by a property manager of a large condominium project. Most real
estate brokers are treated as special agents.
General Contractor
A licensed construction specialist who enters into a construction contract with
a developer or property owner to construct a building or real estate project.
The general contractor often negotiates individual contracts with
sub-contractors who specialize in various aspects of the building process, such
as electricity, drywall and plumbing.
General Index
A county recorder's office index used by title company examiners when searching
the chain of title of a property. The examiner uses the index to research all
the grantors and grantees in the chain of title. The index lists all the things
that apply to a person by name, including liens, judgments and power of
attorneys. (See chain of title)
General Lien
The right of a creditor to have all of a debtor's property—both real and
personal—sold to satisfy a debt. (See lien)
General Partner
In a limited partnership, the individual or company aquiring, organizing and
managing the investment. (See limited partnership)
General Partnership
In a general partnership, all the partners participate in the operation and
management of the business and share full liability for business losses and
obligations. (See partnership)
General Plan
Every city and county is required to develop a general plan of comprehensive
zoning. (See comprehensive zoning)
General Real Estate Tax
General real estate taxes are levied to fund the operation of the governmental
agency that imposes the taxes.
General Warranty Deed
A deed in which the grantor fully warrants good clear title to the premises.
Used in most real estate deed transfers, a general warranty deed offers the
greatest protection of any deed.
Geographic Farming
Farming/prospecting an area defined by specific "geographic" boundaries. The
best geographic farms are particular subdivisions with similar demographics,
such as the price of homes, the ages of residents, family composition, etc. (See
farming, non-geographic farming)
Gift Deed
A deed in which the consideration is "love and affection." Because the deed is
not supported by valuable consideration, the donee (recipient of the gift) may
not be able to enforce against the donor certain promises or agreements
contained in the deed.
Goal Setting
A planning tool where agents establish, in writing, exact short-term,
intermediate-term and long-term goals. Goals should be reasonably attainable and
progress should be periodically evaluated.
Good-Faith Estimate
A preliminary accounting of expected closing costs. The Real Estate Settlement
Procedures Act (RESPA) requires the lender to promptly give loan applicants a
good-faith estimate of closing costs. (See Real Estate Settlement Procedures Act
(RESPA)
Good Funds
Cash, cashier's checks and personal checks that have cleared the bank.
Goodwill
An intangible, salable asset arising from the reputation of a business; the
expectation of continued public patronage; including other intangible assets
like trade name and going concern value. When a business is sold, the sales
price often reflects its goodwill value.
Grace Period
An agreed upon time after an obligation is past due when a party can perform
without being considered in default.
Grandfather Clause
An expression that conveys the concept that something that was once permissible
continues to be so, despite changes in the law.
Grantee
The person who receives a conveyance of real property from a grantor. The
grantee must be a person, either natural or otherwise (e.g. corporation, public
agency, partnership, etc.) existing at the time of the conveyance and is capable
of taking title.
Grant Deed
A type of deed in which the grantor warrants to the grantee, that he has not
previously conveyed the estate, that he has not encumbered the property (except
as noted in the deed) and that he will convey any title to the property he may
later acquire.
Granting Clause
Words in a deed of conveyance that state the grantor's intention to convey the
property at the present time. This clause is generally worded as "convey and
warrant," "grant," "grant, bargain and sell" or the like.
Grantor
The person transferring title, or an interest in real property. A grantor must
be competent to convey title. A corporate grantor must have legal existence and
be authorized to hold and convey title to real property. The grantor must be
clearly identified in the deed.
Gross Income Multiplier
A figure used as a multiplier of the gross annual income of a property to
produce an estimate of the property's value.
Gross Operating Income
The result when other income is added to rental income. (See other income,
rental income)
Gross Lease
A lease of property according to which a landlord pays all property charges
regularly incurred through ownership, such as repairs, taxes, insurance and
operating expenses. Most residential leases are gross leases.
Gross Rental Income
Gross receipts for the rental of income property.
Gross Rent Multiplier (GRM)
The figure used as a multiplier of the gross monthly income of a property to
produce an estimate of the property's value.
Gross Scheduled Income
The maximum amount of rent if the property were 100 percent occupied.
Ground Lease
A lease of land alone, sometimes secured by improvements placed on the land.
Also called a land lease, the ground lease is a means used to separate the
ownership of the land from the ownership of the buildings and improvements
constructed on the land.
Ground Rents
A perpetual lease where the landowner retains title and the lessee recieves the
right of possession and use. Used predominantly in Maryland and Pennsylvania
prior to 1885.
Groundwater
Water under the earth's surface, regardless of the geological structure in which
the water is standing or flowing. It does not include water in underground
streams that have identifiable banks and beds.
Growing-Equity Mortgage (GEM)
A loan in which the monthly payments increase annually, with the increased
amount being used to reduce directly the principal balance outstanding and thus
shorten the overall term of the loan.
Guardian
A person, appointed by court or by will, given the lawful custody and care of
the person or property of another (called a ward). The ward might be a minor, an
insane person or even a spendthrift. The guardian may, upon court approval and
without necessity of obtaining a real estate license, sell the ward's property
if it is in the best interest of the ward.
Real Estate Dictionary/Glossary A,
B,
C,
D,
E,
F,
G,
H,
I,
J,
K,
L,
M,
N,
O,
P,
Q,
R,
S,
T,
U,
V,
W,
X,
Y,
Z
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