Real Estate Glossary G

Gable - A triangular wall enclosed by the sloping ends of a ridged roof or a triangular decorative feature.

Gable roof - A ridged roof that forms a triangle at each end.

Gag rules - A provision in contracts signed by new buyers that prohibits the owners from publicizing complaints about the builder.

Gambrel roof - A roof with two slopes, often seen on barns.

Garnishment - A legal process designed to provide a means for creditors to safeguard for themselves the personal property of a debtor which is in the hands of a third party ("garnishee").

General agent - One who is authorized to perform any and all acts associated with the continued operation of a particular job or a certain business.

General partner - A co-owner of a partnership who is empowered to enter into contracts on behalf of the partnership and who is fully liable for all partnership debts.

Geodesic dome - A structure constructed of lightweight bars forming a grid of polygons.

Georgian style - Popular throughout the 18th century, this type of architecture is distinguished by a symmetrical facade, prominent front entrance and quoins decorative blocks of masonry or wood set in the corners of the house.

Gift - A cash gift a buyer receives from a relative or other source. Lenders usually require a "gift letter" stating that the money will not have to be repaid.

Gift tax - A graduated federal tax paid by a donor upon making a gift.

Gingerbread decoration - An intricate, almost lacy, wood trim.

Girders - Crossbeams that support floor joists.

Good will - An intangible, salable asset arising from the reputation of a business.

Government national mortgage - Association Commonly known as Ginnie Mae, this agency buys home loans from lenders, pools them with other loans and sells shares to investors. Ginnie Mae differs from its cousins, Fannie Mae and Freddie Mac, in that it only purchases loans backed by the federal government.

Government survey - A system of land description in which large blocks of land are divided into tracts bounded by imaginary lines conforming to the true meridian.

Grace period - A specified amount of time to make a loan payment after its due date without penalty.

Grade - The elevation of land above level ground.

Grade level - The flat or sloping surface upon which a house is built.

Graduated rental lease - A lease in which the rent payments commence at a fixed, often low rate, but "step up" or increase at set intervals as the lease term matures.

Graduated-payment mortgage (gpm) - A mortgage that requires a borrower to make larger monthly payments over the term of the loan. The payment is unusually low for the first few years but gradually rises until year three or five, then remains fixed.

Grandfather clause - Common expression used to convey the idea that something, which was once permissible, continues to be permissible despite changes in the controlling law.

Granny flat - Slang term for a separate unit in a house or above the garage, which in the past may have been occupied by an elderly relative.

Greek revival style - A style introduced in the U.S. at the end of the 18th century. Its most prominent feature is a pillar-anchored pediment forming a portico in the front of the house. anchored pediment forming a portico in the front of the house.

Greenbelt - t Any stretch of park, open space or other natural setting in a community.

Gross area - The total floor area of a building measured from the exterior of the walls (excluding those unenclosed).

Gross income - The total income of a household before taxes or expenses are subtracted.

Gross income multiplier - A useful rule of thumb to estimate market value of income producing residential property. The multiplier is derived by using comparable sales divided by the actual or estimated monthly rentals and arriving at an acceptable average.

Gross lease - A lease of property under which the lessee pays a fixed rent, and the lessor pays the taxes, insurance, and other charges regularly incurred through ownership.

Ground fault circuit interrupter - Devices that detect leakage of electrical current to the ground and prevent accidental shock.

Ground rent - The amount of money paid for the use of a piece of property when it is a leasehold estate.

Group home - A single-family residence used as a living space for unrelated, developmentally disabled or mentally disabled people.

Growing-equity mortgage - A fixed rate mortgage that increases payments over a specific period of time. The extra funds are applied to the principal.

Guarantee mortgage - A loan guaranteed by a third party, such as a government institution.

Guardian - One who is given the lawful custody and care of another (called a ward).

Gutters - Horizontal channels installed at the edge of a roof to carry rainwater or melted snow away from the house.

 

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