Real Estate Glossary - Letter G

General agent

An agent authorized by an owner/seller to act on his behalf on all transactions including management of property.

General contractor

A person or company that contracts directly with the owner to perform or supervise construction; either use own workforce or hires subcontractor.

General lien

A legal claim on all assets of a borrower including real properties.

General real estate tax

The tax paid to the government for owning real estate.

General warranty deed

A deed in which the seller protects the buyer’s ownership of a property against any defects against the title; used during real estate title transfers.

Gift deed

A deed that transfers a property’s ownership not because of a sales transaction but for love and affection reasons.

Gift tax

A tax paid to the federal government for monetary gifts above $10,000; details on gift tax outlined in the Economy Recovery Tax Act of 1981.

Ginnie Mae

Popular name for Government National Mortgage Association-issued securities that are backed by a pool of mortgages exceeding $1 million

Good and marketable title

Any title that is free form competing claims, liens or interests.

Good faith

A legal term that describes a person’s honesty and decency to fulfill obligations.

Good faith estimate

An estimate based on closing costs given by lenders to mortgage applicants during loan application; required by the Real Estate Settlement Procedures Act.

Good faith purchaser

A person who buys a property with a title that has no adverse claims made against it.

Government survey system

A survey system that is used in describing and surveying a land based on its longitude and latitude.

Grace Period

A period of time in which borrower is still not considered to be in default even if payment is delayed.

Graduated payment loan

A loan in which the borrower was allowed to pay a lower amount during the first few years but gradually increases over the duration of the loan; also know as stepped-payment loan.

Grant

Any transfer or donation of a real property from one person to another.

Grantee

The recipient of a property given by grant.

Grantor

The person who transfers the ownership of a property to another person.

Gross Domestic Product

The total value of all goods and services of a country from labor production.

Gross National Product

The dollar value of all goods and services including those produced abroad by a nation.

Gross profits

The amount calculated by deducting all sales costs from the sales revenue.

Gross sales

The total sales amount before any deductions.

Ground rent

Rent paid for the use of a land that is to be used for a building.

Growing-equity loan

A loan, usually a mortgage, where monthly payments increases periodically thus effectively lowering the amount of principal loan owed and shorten payment period.

Guarantee of title

An assurance that title is free from liens or adverse claims.