| Term | Definition |
|---|
| Government National Mortgage Association | See Ginnie Mae. |
| government survey method | A system of land description which uses meridians (north and south lines) and base lines (east and west lines). Areas include quadrangles (24 miles on each side), townships (6 miles on each side), and sections (1 mile on each side). Also known as the Rectangular Survey Method. Contrast with metes and bounds, and recorded plat (Lot and Block Number) method. |
| grace period | A period of time during which a loan payment may be paid after its due date but not incur a late penalty. Such late payments may be reported on your credit report. |
| grant deed | A deed containing an implied promise that the person transfering the property actually owns the title and that it is not encumbered in any way, except as described in the deed. This is the most commonly used type of deed. Compare quitclaim deed. |
| grantee | A person to whom real estate is conveyed; the buyer. |
| grantor | A person conveying real estate by deed; the seller. |
| gross debt service | The amount of money needed to pay principal, interest and taxes, and sometimes energy costs. If the dwelling unit is a condominium, all or a portion of common fees are excluded, depending on what expenses are covered. |
| gross income | For qualifying purposes, the income of the borrower before taxes or expenses are deducted. |
| gross lease | A commercial real estate lease in which the tenant pays a fixed amount of rent per month or year, regardless of the landlord's operating costs, such as maintenance, taxes and insurance. A gross lease closely resembles the typical residential lease. The tenant may agree to a "gross lease with stops," meaning that the tenant will pitch in if the landlord's operating costs rise above a certain level. In real estate lingo, the point when the tenant starts to contribute is called the "stop level," because thats where the landlords share of the costs stops. Contrast with Net Lease. |
| habendum clause | The "to have and hold" clause which defines or limits the quantity of the estate granted in the premises of the deed. |
