Real Estate Glossary

Letter G

GAASee: General Accredited Appraiser.

GAAPSee: Generally Accepted Accounting Principles.

GabelRent. A seldom used term.

GableThe exterior wall surface, triangular in shape, formed by the inclined edges of a ridged roof (gable roof).

Gable RoofA ridged roof, having two sloping edges which, at the ends of the ridge, form a gable.

GainProfit. Important for tax purposes when realized from the sale of a capital asset. See also: Capital Gain.

Gallery(1) A covered walkway, open on one side, running along an upper story of a building, either inside or outside. (2) The highest theater balcony, having the cheapest seats. (3) A building or portion of a building used for exhibits, such as an art gallery.

GallonA liquid measure of 231 cubic inches or 4 quarts. See also: Imperial Gallon.

Gambrel RoofA ridged roof, each side having two slopes, the lower of which is more inclined.

GapA 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.

Gap CommitmentA commitment to loan the difference between the floor amount of a take out loan and the full amount. The commitment is issued to enable a construction lender to loan the full amount of a take out commitment, rather than only the floor amount. See also: Floor Loan; Take Out Loan.

Gap Financing(1) Interim financing. (2) A loan between the floor amount and full amount of a take out loan. See: Gap Commitment.

GarageA place to keep or repair motor vehicles; either a building adjacent or attached to a residence, or as a commercial enterprise.

Garbage DisposalA small tank with metal grinders, which is usually installed under the drain in a kitchen sink. The grinders pulverize discarded food into particles which may be washed into the sanitary sewer.

GardenA small parcel of land used for growing fruits, vegetables, or flowers, which are usually not sold, but used by the grower.

Garden ApartmentsAn apartment development consisting of two or more structures, surrounded by an abundance of lawns, plants, flowers, etc., giving a garden-like atmosphere.

GarnishTo bring garnishment proceedings.

GarnisheeThe person against whom a garnishment is issued. The party holding funds of the debtor and not the debtor.

GarnishmentA legal proceeding under which a person's money in control of another (such as salary) is taken for payment of a debt. The amount which may be taken is set by statute (usually as a percentage), and, in most states, a judgement is necessary before garnishment.

Garn-St. German Act Of 1982An act which, among other things, provides that a lender may not enforce a due-on-sale clause when the property passes by will to a relative of the decedent who occupies the property.

GarretSee: Attic.

Gas StationSee: Service Station.

GazeboAn open structure, usually in the garden of a "summer house" where one may sit and enjoy the view. Also called a belvedere.

GEMSee: Growing Equity Mortgage.

General Accredited AppraiserA designation awarded by the NATIONAL ASSOCIATION OF REALTORS to a member who is a state certified General Appraiser and has the required additional experience and tested education.

General AgentA person authorized to handle a principal's affairs in one area or in specified areas.

General BenefitsIn condemnation, benefits accruing to property not taken, but which benefits are caused by the taking.

General ContractorA construction specialist who enters into a formal construction contract with a landowner or master lessee to construct a real estate building or project. The general contractor often contracts with several subcontractors specializing in various aspects of the building process to perform individual jobs.

General Index (G.I.)A title insurance company term for the books used to find liens against individuals which may effect real property, but which are not recorded against the property being insured, such as liens against a buyer.

General LienA lien on all real and personal property owned by a debtor.

Generally Accepted Accounting PrinciplesAccounting methods approved by the accounting profession and required in audits and reporting.

General MortgageSee: Blanket Mortgage.

General Overhead CostsSee: Indirect Construction Cost.

General PartnerA member of a partnership who has authority to bind the partnership and shares in the profits and losses. A partnership must have at least one general partner and may have more, as well as limited partners.

General PartnershipA partnership made up of general partners, without special (limited) partners. See also: Limited Partnership; Partnership.

General PlanSee: Master Play.

General Plan RestrictionsRestrictions imposed on an entire subdivision, usually by the developer. Also called a declaration of restrictions.

General PowerSee: Power of Attorney (1).

General Warranty DeedA deed that states that the title conveyed therein is good from the sovereignty of the soil to the grantee therein and that no one else can successfully claim the property. This type of deed contains several specific warranties sometimes referred to as the English Covenants of Title.

Geodetic System (The United States Coast And Geodetic Survey System)A network of bench marks (surveyor's marks), located by longitude and latitude, covering the entire country. Originally, this system was used to locate federally owned land, and has since been extended nation-wide.

Georgian ArchitectureA colonial style of architecture dating back to the eighteenth century. Characterized by first floor windows extending to the ground, its exterior placements (windows, doors, etc.) are simple and well balanced, yet formal in appearance.

Georgian Colonial ArchitectureA more formal and elaborate form of Georgian Architecture.

GerrymanderTo divide an area into districts, against the obvious natural divisions, in order to accomplish an unlawful purpose. For example: To divide a school district to keep out certain people for reasons of race or religion; to divide a political voting district as to give power to a political party.

GiftA voluntary transfer of property without valuable consideration.

Gift Causa MortisA gift made in contemplation of death. The gift is conditioned upon the death of the donor and may be revoked before the donor's death.

Gift DeedA deed for nominal consideration.

Gift LetterA letter to HUD from the donor (giver) stating that a gift of money has been made to the buyer in order to purchase specific property. The relationship of the donor and donee is stated, as well as the amount of the gift.

Gift TaxA federal and sometimes a state tax on inter vivos transfers without consideration.

G.I. LoanSee: Veteran's Administration (V.A.) Loan.

Gingerbread WorkUse of ornamentation in architecture, especially residential, which adds to emotional appeal rather than functional value.

Ginnie MaeSee: GNMA.

Girder(1) One of the heavy beams supporting flooring joists. (2) A metal framing member of a series of heavy supports for a building, bridge, etc.

GirtA horizontal bracing member, running between columns or other vertical members to stiffen the framing.

GlassA usually transparent or translucent substance, formed by the fusion of some silica, such as sand. Glass is colored by the addition of metallic oxides, and comes in a great variety of shapes and sizes.

Glass BlockA building block of hollow glass, used as a decorative wall, but not usually a bearing wall.

Glass-Wool InsulationInsulation made from sheets of glass fibers, covered with water-resistant or asphalt-treated paper.

GlazeTo finish with a glossy surface.

Glazed BrickA brick having a glazed (glossy) surface.

Glue Laminated BeamsBeams composed of layers of wood, pressed and glued together, and used to support roof rafters.

GNMA (Ginnie Mae)Government National Mortgage Association. A federal association, working with F.H.A., which offers special assistance in obtaining mortgages, and purchases mortgages in a secondary capacity.

GNMA (Government National Mortgage Association) OptionsA method of purchasing GNMA securities through "puts" and "calls". A GNMA Call Option is the right to buy GNMA securities at a specific yield for a specified time. A Put Option is the right to sell GNMA securities at a specific yield for a specified time. The buyer pays for the option and may exercise it, not exercise it, or sell it.

GNMA IssuerA mortgage lender qualified to participate in the Ginnie Mae Mortgage Backed Securities Program.

GNMA Pass-Through CertificatesMortgage-backed securities insured by the Government National Mortgage Association (GNMA). (See: Mortgage-backed Securities).

Good FaithSomething done with good intentions, without knowledge of fraudulent circumstances, or reason to inquire further.

Good Faith EstimateAn estimate of all closing fees including pre-paid and escrow items as well as lender charges.

Good WillA salable asset of a business, based on its reputation rather than its physical assets.

GoreA small parcel of land, usually triangular in shape, resulting from the failure of a legal description to join 2 tracts. (Also called: Hiatus).

Government LotsFractional sections in the rectangular survey system (government survey method) that are less than one full quarter-section in area.

Government National Mortgage AssociationSee: GNMA.

Government National Mortgage Association (GNMA)“Ginnie Mae,” a federal agency and division of HUD that operates special assistance aspects of federally aided housing programs and participates in the secondary market through its mortgage-backed securities pools.

Government SurveyThe survey from which our present system of townships, sections, etc., was developed.

Government Survey SystemLegal description for land referencing principal meridians and base lines designated throughout the country.

GPMSee: Graduated Payment Mortgage.

Grace PeriodA period of time past the due date for a payment (mortgage, insurance, etc.) during which time a payment may be made and not considered delinquent.

GradeThe degree of the slope of land.

Graded LeaseSee: Step-Up Lease.

Graded TaxA property tax designed to promote local development by increasing the tax rate on land and decreasing it on improvements.

Grade SeparationA structure, such as a cloverleaf of a highway, enabling roads to intersect one over the other, obviating the need for a traffic light or stop sign.

GradientThe degree of the slope of land.

Graduated LeaseLease that provides for rent increases at set future dates.

Graduated MortgageMortgage that allows a borrower to make smaller payments in the early years of the loan term with payments increasing over time.

Graduated PaymentA buydown plan for which payment subsidies in the early years keep payments low, but payments increase each year until they are sufficient to fully amortize the loan.

Graduated Payment Adjustable Mortgage LoanA combination of a graduated payment mortgage and an adjustable mortgage. Monthly payments begin at less than the amount necessary to amortize the loan and increase over a maximum 10 year period. The payment increase is not predetermined but varies as the interest rate is adjusted based on the movement of a agreed upon index.

Graduated Payment MortgageA mortgage loan for which the initial payments are low but increase over the life of the loan.

Grain(1) The direction, size and arrangement of the fibers of wood, leather, etc. (2) Seeds from cereal plants, such as wheat, oats, corn, etc. (3) A small particle, such as a grain of sand. (4) A unit of weight equal to 1/7000th of a pound.

Grain Elevator(1) A structure for the processing and storage of grain. (2) Modern farm machinery used for loading and unloading grain.

Grandfather ClauseThe clause in a law permitting the continuation of a use, business, etc., which, when established, was permissible but, because of a change in the law, is now not permissible. See also: Nonconforming Use.

Grand ListThe term used for the tax roll or assessment list in the New England states.

GrantThe act of conveying or transferring title to real property.

Grant DeedA type of deed that includes three basic warranties: (1) the owner warrants that she or he has the right to convey the property, (2) the owner warrants that the property is not encumbered other than with those encumbrances listed in the deed, and (3) the owner promises to convey any after-acquired title to the property. Grant deeds are popular in states that rely heavily on title insurance.

Granting ClauseDeed clause stating a grantor's intent to transfer an interest in real property. Also called: Words of Conveyance.

Grantor-Grantee IndexThe record of the passing of title to all the properties in a country as kept by the county recorder's office. Property is checked by tracing the names of the sellers and buyers (chain of title). Title companies usually have more efficient methods by keeping records according to property description, rather than people's names.

GraphA diagram representing statistical data by the use of dots and lines to show a relationship among things.

GravelLoose rock about two millimeters in diameter, found in great quantity, and used for roadbeds, as a surface or under paving.

Gravel PitAn excavation from which gravel is removed. See also:Borrow Pit.

GraveyardSee: Cemetery.

Gravity FurnaceA hot air furnace which circulates by the different weights of hot and cold air, rather than by a fan.

GreenbeltA landscaped area surrounding a development to separate and protect it from a neighboring incompatible use, such as separating office buildings from an industrial park.

Green LumberUnseasoned lumber, having a higher content of moisture than that of seasoned or air-dried lumber.

Grid(1) A network of pipes (as for the distribution of water or gas). (2) A network of uniformly spaced horizontal lines, as on a map or chart, used for locating points by coordinates. (3) A chart used by insurance companies and lenders for rating property, risk of the borrower, neighbor-hood, etc.

Gridiron Pattern (Gridiron Plan)A layout of streets in a subdivision or city which resembles a gridiron.

Groin(1) In architecture, the curved point at which arched ceilings or roofs meet or intersect each other. (2) A structure, usually of pilings, used to resist the shifting of coastal sands.

GrossTotal, with no allowances or deductions, such as gross acre, gross lease, gross income, gross sales, etc.

Gross AcreAn acre (43,560 sq. ft.). Distinguished from a net (usable) acre.

Gross AreaIn building measurement, the outside dimensions determine the gross area, irrespective of the area inside actually usable or rentable.

Gross Effective IncomeSee: Adjusted Gross Income.

Gross IncomeThe scheduled (total) income, either actual or estimated, derived from a business or property.

Gross Income MultiplierA figure which, when multiplied by the annual gross income, will theoretically determine the market value. A general rule of thumb which varies with specific properties and areas.

Gross Income Multiplier (GIM)A number derived using annual income figures from comparable commercial properties in an area, which is used to estimate the value of real estate. Compare: Gross Rent Multiplier.

Gross LeaseA lease or property under 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 National Product (GNP)The total value of all goods and services produced in the United States (or other country) in a year.

Gross ProfitThe total profit before deductions. A general term which varies, depending upon accounting procedures.

Gross Rent MultiplierThe quotient of the sale price divided by the gross rent. Generally expressed as the monthly gross rent in a single family residential property and the yearly gross rent in multifamily units and commercial, office, or industrial property.

Gross Rent Multiplier (GRM)A figure used as a multiplier of the gross monthly rental income of a property to produce an estimate of the property's value.

Gross SalesThe total sales for a given time, before deductions for refunds, allowances, etc.

Ground BeamA horizontal beam, very heavy and strong, installed at ground level to support and distribute the weight of that part of the building above the foundation.

Ground FloorSee: Ground Level.

Ground LeaseA lease of land only, on which the tenant usually owns a building or is required to builder her or his own building as specified in the lease. Such leases are usually long-term net leases; a tenant's rights and obligations continue until the lease expires or is terminated through default.

Ground LevelBeing at the level of the surrounding land, such as the ground floor of a building.

Ground RentRent paid for vacant land. If the property is improved, ground rent is that portion attributable to the land only.

Grounds(1) The area surrounding a building which goes with and is of the same ownership as the building. The word would be used if the area were substantial, as opposed to a yard. (2) Strips of wood placed over the lath, to which molding is nailed.

GroundwaterNaturally occurring water found in subterranean crevices or spaces.

Ground WaterWater in the subsoil or of a spring or shallow well.

Group HomeA residential facility in a residential zone for three or more unrelated people (i.e., foster homes, rehabilitation centers, and halfway houses).

Grout(1) Thin mortar used in masonry work to fill joints between bricks, blocks, tiles, etc. (2) A variety of plaster used to finish ceilings of superior quality.

Growing CropA crop is considered "growing" from the time the seed is planted. It then stops being personal property and becomes part of the land passing with the fee unless specifically excepted.

Growing Equity Mortgage (GEM)A fixed rate, graduated payment loan allowing low beginning payments and a shorter term because of higher payments as the loan progresses. Based on the theory of increasing income by the buyer and, therefore, ability to make higher future payments. When state law applies, usury laws in some states may not presently allow such loans when less than interest only payments create interest on interest.

GroyneSee: Groin.

Guaranteed MortgageSee: Insured Mortgage.

Guaranteed Sale PlanAn agreement between the broker and the seller that if the seller's real property is not sold before a certain date, the broker will purchase it for a specified price.

GuarantorOne who makes a guaranty.

GuarantyAgreement to pay the debt or perform the obligation of another in the event the debt is not paid or obligation not performed. Differs from a surety agreement in that there must be a failure to pay or perform before the guaranty can be in effect.

GuardianOne who guards or cares for another person's rights and properties. A guardian has legal custody of the affairs of a minor or a person incapable of taking care of his or her own interests, called a ward.

Guide MeridianSee: Meridian.

Gully ErosionThe formation of a gully by continued erosion through the soft topsoil (rill erosion) into the subsoil, where a more permanent channel is cut, separating areas and preventing the movement of animals, machinery, etc.

Gutter(1) A channel along the eaves to direct rainwater to a downspout. (2) The channel formed by the meeting of the street and curb, where rainwater runs to a sewer.

GypsumAn ingredient of plaster or cement; it is hydrated calcium sulphate.

Gypsum BlocksBuilding material used in non load-bearing walls and partitions, composed of a plaster type material.

Gypsum PlasterA coarse plaster used as a basecoat, or for some exterior uses.

Gypsum Sheathing BoardsSee: Gypsum Wallboard.

Gypsum WallboardCommonly known as dry wall. A wallboard or gypsum (plaster) covered with a paper which can be painted or wallpapered.