GAZEBO - An open structure, usually in
the garden where one may set and enjoy the view. Also called a
belvedere.
GENERAL
CONTRACTOR
- One who contracts for the construction of an entire building or
project, rather than a portion of the work. The general contractor
hires the subcontractors such a plumbers and electricians.
GENERAL
LIEN
- 1) A lien such as a tax lien or judgment which attaches to all
property of the debtor. 2) The right of a creditor to hold personal
property of a debtor for payment of a de3bt not associated with the
property being held. Must be done under an agreement since since it is
against the general precepts of law.
GERRYMANDER
- To divide an area into districts, against the obvious natural
divisions, in order to accomplish an unlawful purpose. Examples would
be; to divide a school district to keep out certain people for reason
of race or religion. To divide a political district so as to give power
to a political party.
GIFT - a voluntary transfer of
property without valuable consideration.
GIFT
LETTER
- A signed letter or statement from an individual providing a ash gift
to a borrower in order to qualify for a loan. The letter or statement
states that the cash gift does not have to be repaid.
GINNIE
MAE (GNMA)
- Government National Mortgage Association. A federal
association
working with FHA which offers special assistance in obtaining
mortgages, and purchases mortgages in a secondary capacity.
GOOD
FAITH -
Something done with good intentions, without knowledge of fraudulent
circumstances, or reason to inquire further.
GOOD
FAITH ESTIMATE
- A document prepared by the lender showing borrowers the estimated
cost they will incur that will be payable at closing.
GOVERNMENT
SURVEY -
The survey from which our present system of townships, sections, etc.,
was developed.
GRACE
PERIOD
- A period of time past the due date that a mortgage payment
or
insurance premium may be made and not considered delinquent.
GRADUATED
PAYMENT MORTGAGE (GPM)
- A mortgage based on payments that will be increased over time
dependent on a predetermined schedule.
GRANDFATHER
CLAUSE
- A clause in the law permitting the continuation of use which when
established was permissible but because of a change in the law, is now
not permissible.
GRANTEE - One to whom a grant is made.
Typically the buyer.
GRANTOR - One who grants property or
property rights. Typically the seller.
GROSS
INCOME MULTIPLIER
- Using the gross annual income of a property to calculate an estimate
of a property's value.
GROUND
LEVEL -
Being at the level of the surrounding land, such as the ground floor of
a building.