Real
Estate Glossary > G
A
| B
| C
| D
| E
| F
| G | H
| I
| J
| K
| L
| M
| N
| O
| P
| Q
| R
| S
| T
| U
| V
| W
| X
| Y
| Z
Y ou are
here : Home
> Real Estate
Glossary > G
Frequently used terms
Good Faith Estimate
Ginnie Mae
Grace
Period
Gross Income
Gable roof
A ridged roof that forms a triangle at each end.
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 fa?ade, 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
See Government National Mortgage Association (below)
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 from an mortgage lender or broker showing the
all the costs associated with obtaining a home loan including
loan processing, title and inspection fees.
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.
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.
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.
^ Go to top
|
