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Real Estate Terms / Real Estate Dictionary


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-G-

 

Gable
A triangular section formed by a roof with two steep slopes, extending from the eaves to the ridge where the two slopes meet. A gable may have a dormer window or traditional window.
The House of Seven Gables
The House of Seven Gables
Salem, MA
 

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. 
Gated Community - Driftwood Estates
Gated Community
   

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.

The following gifts are not taxable gifts:
  • Gifts to your spouse
  • Gifts to charities
  • Gifts to a political organization for its use
  • Tuition or medical expenses you pay directly to a medical or educational institution for someone
  • Gifts that are not more than the annual exclusion for the calendar year. In 2007, the annual exclusion amount is $12,000. This means that a gift of up to $12,000 (each) can be given to any number of persons and not be taxable. However, gifts of future interests cannot be excluded
    under the annual exclusion provisions. A gift of a future interest is a gift that is limited so that its use, possession, or enjoyment will begin at some point in the future. If you are married, both you and your spouse can each give up to $12,000 to the same person in 2007 without making a taxable gift. Visit http://www.irs.gov for more information on current tax laws.

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.

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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)

 


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