REAL ESTATE TERMS

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GABLE ROOF: A pitched roof with sloping sides.

GAIN: A profit, benefit, or value increase.

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

GENERAL LIEN: A lien on all the property of a debtor.

GIFT DEED: A deed for which there is no consideration.

GOODWILL: An intangible but salable asset of a business derived from the expectation of continued public patronage.

GOVERNMENT NATIONAL MORTGAGE ASSOCIATION: An agency of HUD, which functions in the secondary mortgage market, primarily in social housing programs. Commonly called by the acronymic nickname .Ginnie Mae. (GNMA).

GOVERNMENT SURVEY: A method of specifying the location of parcel of land using prime meridians, base lines, standard parallels, guide meridians, townships and sections.

GRADE: Ground level at the foundation.

GRADUATED LEASE: Lease which provides for a varying rental rate, often based upon future determination; sometimes rent is based upon result of periodical appraisals; used largely in long-term leases.

GRADUATED PAYMENT MORTGAGE: Providing for partially deferred payments of principal at start of loan. (There are a variety of plans.) Usually after the first five years of the loan term the principal and interest payment are substantially higher, to make up principal portion of payments lost at the beginning of the loan. (See Variable Interest Rate.)

GRANT: A technical legal term in a deed of conveyance bestowing an interest in real property on another. The words .convey. and .transfer. have the same effect.

GRANT DEED: A limited warranty deed using the word .grant. or like words that assures a grantee that the grantor has not already conveyed the land to another and that the estate is free from encumbrances placed by the grantor.

GRANTEE: A person to whom a grant is made.

GRANTOR: A person who transfers his or her interest in property to another by grant.

GRATUITOUS AGENT: A person not paid by the principal for services on behalf of the principal, who cannot be forced to act as an agent, but who becomes bound to act in good faith and obey a principal's instructions once he or she undertakes to act as an agent.

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

GROSS INCOME: Total income from property before any expenses are deducted.

GROSS MARGIN: With regard to an adjustable rate mortgage, an amount expressed as percentage points, stated in the note which is added to the current index value on the rate adjustment date to establish the new note rate.

GROSS NATIONAL PRODUCT (GNP): The total value of all goods and services produced in an economy during a given period of time.

GROSS RATE: A method of collecting interest by adding total interest to the principal of the loan at the outset of the term.

GROSS RENT MULTIPLIER: A number which, times the gross income of a property, produces an estimate of value of the property. Example: The gross income from an unfurnished apartment building is $200,000 per annum. If an appraiser uses a gross multiplier of 7%, then it is said that based on the gross multiplier the value of the building is $1,400,000.

GROUND LEASE: An agreement for the use of the land only, sometimes secured by improvements placed on the land by the user.

GROUND RENT: Earnings of improved property credited to earnings of the ground itself after allowance is made for earnings of improvements; often termed economic rent.

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