| Term | Definition |
|---|---|
| General Contractor |
A general contractor is someone whom you may work closely with during your home improvement project. The general contractor is the person who oversees the construction project and handles various aspects such as scheduling workers and ordering supplies. If you are borrowing mortgage funds to renovate a home, your lender may need to review whether your contractor meets all federal, state, and local registration, licensing and certification standards. |
| General partnership |
Form of co-ownership wherein all partners have a voice in the management of a business and unlimited liability for its debts. |
| General warranty deed |
A deed which conveys not only all the grantor's interests in and title to the property to the grantee, but also warrants that if the title is defective or has a "cloud" on it (such as mortgage claims, tax liens, title claims, judgments, or mechanic's liens against it) the grantee may hold the grantor liable. |
| Good faith deposit |
See Earnest Money. |
| Good Faith Estimate |
The good-faith estimate is a report from your lender that outlines the costs you will incur to get your mortgage. It is based on the lender's typical loan origination costs for the area where your home is located. The estimate usually changes between application and closing, so you'll want to review your settlement form before the closing meeting. The settlement form will list the actual amount of money you'll need to bring to closing. You'll need to pay your closing costs in the form of a certified or cashier's check because personal checks usually are not accepted. |
| Gound Lease |
A lease of the land only. Usually the land is leased for a relatively long period of time to a tenant that constructs a building on the property. Gross Area The entire floor area of a building. |
| 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). Contrast with conventional mortage. |
| Government National Mortgage Association |
A government-owned corporation within the U.S. Department of Housing and Urban Development (HUD). Created by Congress on September 1, 1968, GNMA assumed responsibility for the special assistance loan program formerly administered by Fannie Mae. Popularly known as Ginnie Mae. |
| Grade |
The level of the ground at the structure foundation. |
| Graduated lease |
A lease providing for a variable rate of rent depending upon some future event. |
| Graduated payment |
A mortgage loan with monthly payments that start at a lower amount and then increase slowly over the next several years. The monthly payments then stay the same at the higher amount. |
| Grantee |
The person to whom an interest in real property is conveyed. |
| Grantor |
The person conveying an interest in real property. |
| Gross income |
The total amount of money that a person receives, before taxes and other deductions. This income may include funds from a job or jobs; interest or dividends; alimo-ny; disability payments; or public assistance. |
| Gross Lease |
A lease in which the lessee pays a fixed rental amount for the durration of the lease and the lessor pays the expenses associated with owning the property such as taxes and insurance. |
| Gross operating income |
The total amount of cash generated by the operations of a property. Hedging Protecting oneself against negative outcomes. |
| Ground lease |
An agreement for rental of land only. |
| Ground Rent |
The amount of money that is paid for the use of land when title to a property is held as a leasehold estate rather than as a fee simple estate. |
| Group Home |
A single-family residential structure designed or adapted for occupancy by unrelated developmentally disabled persons. The structure provides long-term housing and support services that are residential in nature. |
| Growing-Equity Mortgage |
A fixed-rate mortgage that provides scheduled payment increases over an established period of time, with the increased amount of the monthly payment applied directly toward reducing the remaining balance of the mortgage. |
| Guarantee Mortgage |
A mortgage that is guaranteed by a third party. |
| Guaranteed Loan |
see Government mortgage. |