Real Estate Definitions - G


General Agency:
A fiduciary relationship whereby the agent is given the power to bind (sign for) the principal for certain business purposes. Most real estate sales agents are the general agent of their broker.
General Lien:
A monetary claim which gives the creditor the right to recourse against all real and personal property that a debtor owns.
General Partnership:
An unincorporated business where all partners have a voice in management and have exposure to lawsuits coming through the business and attacking their personal assets.
government loan (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). Mortgages that are not government loans are classified as conventional loans.
Government National Mortgage Association (Ginnie Mae)
A government-owned corporation within the U.S. Department of Housing and Urban Development (HUD). Created by Congress on September 1, 1968, GNMA performs the same role as Fannie Mae and Freddie Mac in providing funds to lenders for making home loans. The difference is that Ginnie Mae provides funds for government loans (FHA and VA)
Good Consideration:
"Love and Affection" used as consideration in a contract. Not always sufficient for enforcement of a deed or contract.
Government (Rectangular) Survey System:
A form of land description based on a Principal or Prime Meridian, a Baseline, and using Townships and Sections to describe parcels of land.
Government Lots:
Fractional sections in the Rectangular (Government) Survey system that are less than one full quarter-section of land. They are assigned a lot number for legal description purposes.
Graduated Lease:
(Graded or Step-Up Lease) A form of Gross Lease where the rental payments can increase based on an agreement in the lease. Often the lease payments are tied to an Index such as the Consumer Price Index, or they are tied to an increase in the appraised value of the property. The clause defining the terms of the increases is called an Escalator Clause.
Grant:
The act of transferring or conveying an interest in real property.
grantee
The person to whom an interest in real property is conveyed.
Granting Clause:
A clause in a deed that states the intent to convey the interest that is being conveyed in the deed.
grantor
The person conveying an interest in real property.
Gross Income: The income a property produces before any expenses are deducted.
Gross Lease:
Any lease wherein the landlord receives the rent and has to pay all the expenses of operation from that income. The landlord is receiving Gross Income when he receives the rent check. Fixed, Percentage, and Graduated Leases are all Gross Leases.
Gross Misdemeanor:
A legal offense short of being a felony crime.
Gross Rent Multiplier:
A system of evaluation that some investors and appraisers use in valuing single-family rental homes. Value is equal to so many times its rental income.
Ground Lease:
A lease of land only, on which the tenant is usually required to build a building. Such leases are usually long term Net Leases.
Groundwater:
Water below the surface of the Earth that forms the water table and is reachable by way of a well. The opposite of Surface water.