| Garnishment |
Notice to an employer or other asset holder that monies, wages, or
property of a debtor must be applied to a specific debt or creditor.
|
| General Liability Insurance |
This covers damage to other party’s property or another person due to
construction-related project accidents.
|
| General Partner |
Co-owner(s) of a venture liable for all debts and other obligations of
the venture as well as for the management and operation of the
partnership. The general partner can have control of the business and
can take actions that are binding on the other partners.
|
| Generally Accepted Accounting Principles (GAAP) |
Accounting practices that are in widespread use because of convention
and tradition, and those that are specifically mandated by recognized
rule-making authorities.
|
| Gift Funds |
Outright gift of funds from an acceptable source. Documentation of
transfer of funds must be included in the file, as well as a gift letter
stating no repayment is required. Gifts from parties with an interest in
the sale of the property are considered sales concessions, must be
subtracted from the sales price, and may not be considered assets to
close.
|
| GIFT LETTER |
A letter to the lender from the donor stating 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.
|
| GNMA |
Government National Mortgage Association.
|
| GRACE PERIOD |
The period of time between the contractual due date and the date a late
charge will be assessed.
|
| GRANDFATHER CLAUSE
|
The 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.
|
| GRANT DEED |
A written instrument used to transfer or convey real property. A grant
deed contains warranties against prior conveyances or encumbrances.
|
| Grantee |
Person to whom an interest in real property is conveyed.
|
| Grantor |
Person conveying an interest in real property.
|
| Greenbelt |
Forests, woods, parks, or fields surrounding or enclosing urban area.
|
| Gross Area |
Total floor area of a building, except that of unenclosed areas,
measured from the outside of the exterior walls.
|
| Gross Income |
Total income before any expenses are deducted.
|
| GROSS INCOME (BUSINESS) |
The total income earned, either actual or estimated, from a business or
property.
|
| GROSS MONTHLY INCOME (BORROWER) |
The total amount the borrower earns per month, before any expenses are
deducted.
|
| GROSS RENTAL INCOME |
The monthly rental income received before mortgage payments, taxes and
insurance are deducted.
|
| Gross Rent Multiplier |
Figure used to compare rental properties. It gives the relationship
between the gross rental income and sales price. Also known as gross
income multiplier.
|
| Ground Lease or Rent
|
Lease of land alone, as distinguished from a lease of land with
improvements on it, usually on a long-term basis.
|
| Ground Rent |
Amount of money paid for the use of land when title to a property is
held as a leasehold estate, rather than as fee simple.
|
| Guaranty |
| Obligation of the United States to repay a specific percentage of a loan
upon default of the primary debtor. |
