Real Estate Dictionary Terms - G

Gable Roof

Pitched roof with sloping sides.



Gambrel Roof

A curb roof, having a steep lower slope with a flatter upper slope above.



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.



Garnishment

A legal process to seize a debtor's property or money in the possession of a third party.



Guaranteed Note

A permit must be received from the real estate commissioner before being allowed to sell a guaranteed note.



General Plan Restrictions

Covenants, conditions, and restrictions placed on a subdivision or other large tract of land, designed to benefit and burden each lot in the tract. GIFT A voluntary transfer of property without consideration.



Gift Deed

A deed for which there is no material consideration.



Girder

A beam used to support other beams, joists, and partitions.


Government Loan (Mortgage)

A mortgage that is insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA) or the Rural Housing Service (RHS). Mortgages that are not government loans are classified as conventional loans.


Government National Mortgage Association (GNMA, Ginnie Mae)

Federal corporation that assists in financing special ASSOCIATION (GNMA) assistance programs for federally aided housing. The corporation is also known as Ginny Mae. A government-owned corporation within the U.S. Department of Housing and Urban Development (HUD). Created by Congress on September 1, 1968, GNMA performs the same role as Fannie Mae and Freddie Mac in providing funds to lenders for making home loans. The difference is that Ginnie Mae provides funds for government loans (FHA and VA).



Grade

Ground level at the foundation.



Graduated Lease

Usually a long-term lease that provides for adjustments in the rental rate on the basis of some future determination. For example, the rent may be based upon the result of appraisals to be made at predetermined times in the future.



Grant

To transfer. A deed. When used in a deed, a technical term implying certain warranties. A transfer or conveyance of real estate.


Grant Deed

A deed in which the word grant is used as a work of conveyance and therefore by law implies certain warranty, deed used to transfer property. By statute it impliedly contains only two limited warranties.



Grantee

The person to whom an interest in real property is conveyed.



Grantee

The buyer; a person to whom a grant is made.


Grantor

The person conveying an interest in real property. The seller; one who signs a deed. The seller or person who executes a grant.



Grid

A chart used in rating the borrower, property, and neighborhood.



Gross Income

Total income before expenses are deducted.



Gross Rent Multiplier (GRM)

A number that reflects the ratio between the sales price of a property and its gross monthly rents. It is used in the income approach of appraising property.



Ground Lease

An agreement leasing land only, without improvements, ordinarily with the understanding that improvements will be placed on the land by the tenant.



Ground Rent

Earnings from the ground only. Earnings of improved property after an allowance is made for earnings of improvements. A perpetual rent that a grantor in some states may reserve to himself or herself and his or her heirs when he or she conveys real property.



Growth Equity Mortgage

This type of mortgage will be paid back faster than the typical 30 year fully amortized mortgage.