Gap
Loan
Temporary financing
meeting a developer's financial difference
between a construction loan and a permanent
mortgage.
Garden
Apartments
A low-rise
housing complex where many of the tenants
have access to a substantial amount of open,
usually landscaped ground.
Gated
Community
A walled or
fenced housing development which has a secure
entrance of a remote control gate, security
guard or other secure measure at the entrance.
Gazebo
A small, open
walled roofed structure in a park, garden
or other which provides shade or shelter and
seating.
General
Contractor
One
who constructs buildings or other improvements
for an owner or developer directly. This is
different from a sub-contractor who would
only deal with a general contractor and not
the owner of the construction.
GI
Loan
See
VA Loan
Gift
Tax
If you give someone a monetary gift or property
during your life, you may be subject to Federal
Gift Tax. The money and property
you own when you die (your estate) may be
subject to Federal
Estate Tax. The
general rule is that any gift is a taxable
gift. However, there are many exceptions to
this rule.
Good Faith
An
honorable intent in business relations and
the avoidance of any attempts to deceive in
assuming and performing contractual obligations.
Good
Faith Estimate
A
disclosure of an estimate of closing costs
that must be given with residential loans
by a lender to a mortgage applicant under
the Real Estate Settlement Procedures Act
(RESPA) that must be given to all mortgage
loan applicants at the time of application.
Government
Mortgage
A mortgage that is insured by the Federal
Housing Administration (FHA) or guaranteed
by the Department of Veterans Affairs (VA)
or the Rural Housing Service (RHS). This is
in contrast with a conventional mortgage.
Grandfather
Clause
A provision
in the 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
One
of the many types of deeds used to transfer
real property. Contains warranties that assure
a grantee that the grantor has not already
conveyed the land to another and that the
estate is free from prior conveyances or encumbrances.
Grantee
A party who
receives a transfer of real property by a
grant deed.
Grantor
The
person conveying the real property in a Grant
Deed.
Gross Income
The
total income from a property before any expenses
are deducted.
Gross
Profit
The amount
of money left after the expenses have been
deducted from all income.
Gross
Revenue
The
total revenue from all sources before subtraction
of expenses incurred in gaining such revenue.
Revenue minus cost of goods sold.
Guarantee
of Title
An assurance of clear title.
Group
Home
A residence
serving a group of people with special needs
which is not considered to be a household.
The
structure provides long-term housing and support
services that are residential in nature.
Growing-equity
Loan
A
mortgage in which the monthly payments increase
annually, with the increased amount of the
monthly payment applied directly toward reducing
the remaining balance of the mortgage.
Guarantee
of Title
See
Assurance of Title
Guaranteed
Mortgage
A
mortgage that is guaranteed by a third party—a
party other than the borrower assures payment
in the event of default by a mortgagor such
as VA-guaranteed mortgages.
The
definitions of Real Estate Definitions found
on 10Realty.com are for general information
only. All information is subject to change
and should be independently verified. 10Realty.com
makes no representations or warranties of
any nature with regard to the information
found on the pages therein. 10Realty.com assumes
no responsibility for any liabilities or losses
claimed or incurred as a result of using this
information. (Real Estate Terms, Investment
Terms, Banking Terms explained, definitions,
legal definitions, legal terms and definitions)
