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REAL ESTATE GLOSSARY
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GABLE ROOF
A steeply angled, triangular roof.
GALVANIZED PIPE
Iron pipe with a galvanized (zinc) coating.
GAMBREL ROOF
A ''barn-like'' roof, where the upper portion of the roof is less-steeply angled than the lower part.
GENERAL LIEN
A broad-based claim against several properties owned by a defaulting party.
GENERAL WARRANTY DEED
A deed in which the grantor (seller) agrees to the protect the grantee (buyer) against any other claim to title of the property. See also warranty deed.
GEORGIAN
A classic, English-style hose characterized by simple rectangular shape and multiple stories.
GFI
Ground Fault Interrupter. A type of circuit breaker required in areas where water is present.
GINNIE MAE
A wholly owned corporation created in 1968 within the U.S. Department of Housing and Urban Development to serve low-to moderate-income homebuyers.
GIRDER
A main supporting beam.
GOOD FAITH ESTIMATE
An estimate of charges which a borrower is likely to incur in connection with a loan closing.
GOVERNMENT MORTGAGE
Any mortgage insured by a government agency, such as the FHA or VA.
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA, GINNIE MAE)
A government agency part of HUD that buys VA and FHA loans from lenders, securitizes them and sells Ginnie Mae securities to investors.
GRACE PEROID
A time allowed, usually 15 days, for making late payments without a penalty.
GRADE
The slope of land around a building. Also ground level.
GRADUATED PAYMENT MORTGAGE (GPM)
A type of flexible-payment mortgage where the payments increase for a specified period of time and then level off. This type of mortgage has negative amortization built into it.
GRANDFATHER CLAUSE
The clause in a law permitting the continuation of a use, business, etc., which was permissible but because of a change in the law is now no longer permissible.
GRANTEE
Any person who is given ownership of a piece of property.
GRANTOR
Any person who gives away ownership of a piece of property.
GROSS AREA
The sum total of all floor space, including areas such as stairways and closet space. Often measured based on external wall lengths.
GROSS MONTHLY INCOME
The total amount the borrower earns per month, not counting any taxes or expenses. Often used in calculations to determine whether a borrower qualifies for a particular loan.
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.
GROUTING
Material used around ceramic tile.
GROWING EQUITY MORTGAGE ( GEM )
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.
GUARANTY
A promise by one party to pay a debt or perform an obligation contracted by another if the original party fails to pay or perform according to a contract.
GUARANTEE MORTGAGE
A mortgage that is guaranteed by a third party.
GUTTER
The trough around the edge of the roof that catches and diverts rain.
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