Gag rule
A provision in a legal contract signed by home buyers that prohibits the publicizing
of complaints about the builder.
Gambrel roof
A roof with two slopes, often seen on barns.
Gap
A missing document that raises doubt
as to the true owner of the property.
General contractor
The person who hires all of the subcontractors and suppliers for a
construction job.
Georgian style
Architecture
distinguished by a symmetrical facade, a prominent front entrance
and quoins (decorative blocks of masonry or wood set in the corners
of the house).
Gift
Funds a buyer receives from a relative or other source.
Mortgage lenders usually require a gift letter from the giver of
this "gift money" stating that the money does
not have to be repaid.
Gingerbread decoration
An intricate, almost lacy, wood trim.
Ginnie Mae
Government National Mortgage Association (GNMA); a government-owned corporation overseen by the U.S. Department of Housing and Urban Development, Ginnie Mae pools FHA-insured and VA-guaranteed loans to back securities for private investment; as With Fannie Mae and Freddie Mac, the investment income provides funding that may then be lent to eligible borrowers by lenders.
Girders
Crossbeams that support floor joists.
Glazed
A window that has been fitted with a glass pane. "Double glazed"
refers to a window with double panes.
Glazier's point
A small pointed metal clip that helps hold a pane of glass in a
window frame.
Good faith estimate
An estimate of all closing fees including pre-paid and escrow items as well as lender charges; must be given to the borrower within three days after submission of a loan application.
GOOD FAITH or MORTGAGE SAVINGS CLAUSE
A clause
in CC&R's, which provides that, "a violation thereof shall not
defeat or render invalid the lien of any mortgage or deed of trust
made in good faith and for value."
GOOD FAITH PURCHASER or MORTGAGEE
A person who buys or lends in
good faith, that is, without notice of any existing problem, where
value is paid or lent.
Government National Mortgage Association (GNMA)
This government agency buys home loans from
lenders, pools them with other loans and sells shares to investors.
However, unlike Fannie Mae and Freddie Mac, Ginnie Mae only
purchases loans backed by the federal government. (Commonly known as
Ginnie
Mae)
Grace period
A specified amount of time in which a borrower may 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.
Graduate
Realtor® Institute (GRI)
A designation issued by the National Association of Realtors (NAR)
to members who meet specific performance and education requirements
for residential real estate sales.
Graduated Payment Mortgage
A mortgage that requires a borrower to make larger monthly payments
over the term of the loan. Payments are lower for the first
few years but gradually rise until year three or five, when payments
become fixed.
Granny flat
Refers to a separate unit in a house or above the garage which may have been occupied by an elderly relative
in the past.
GRANT
A transfer of real estate between individuals by deed. A
transfer of real estate from a sovereign is accomplished by patent
or royal decree.
GRANT DEED
One of the many types of deeds used to transfer real
property. Contains warranties against prior conveyances or
encumbrances. When title insurance is purchased, warranties in a
deed are of little practical significance.
GRANTEE / GRANTOR
Grantee
A person to whom an interest in a piece of property is conveyed.
Grantor
The person who conveys an interest in a piece of property to another
person.
Greenbelt
Any stretch of park, open space or other natural setting in a
community.
Gross income
The total household income before taxes or expenses are
subtracted.
Ground fault circuit interrupter
A device that detects leakage of electrical current to the ground
and prevents accidental shock.
Ground rent
The amount of money paid for the use of a piece of property that is
a leasehold estate.
Group home
A single family residence used as a living space for unrelated
people who require special care or supervision.
Grout
A type of mortar used to fill areas between tiles, stone or marble.
Growing-equity mortgage
A fixed rate mortgage that increases payments over a specific period
of time. The extra funds are applied to the principal.
GUARDIAN
A person appointed by a court to manage the person
and/or property of one who is legally incompetent to handle his/her
own affairs.
Gutters
Horizontal channels installed at the edge of a roof to carry
rainwater or melted snow away from the house.
Guy
A cable that guides or holds something, such as an antenna.