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Real Estate Glossary of Terms
Looking for the definition of a real estate
term? Click on a letter of the alphabet below to go to that letter's
corresponding page of terms.
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GARNISHMENT - A legal process
designed to provide a means for creditors to safeguard for themselves the
personal property of a debtor which is in the hands of a third party
("garnishee").
GENERAL AGENT - One who is
authorized to perform any and all acts associated with the continued
operation of a particular job or a certain business.
GENERAL CONTRACTOR - A construction specialist who enters into a formal construction
contract with a land owner or master lessee to construct a real estate
building or project.
GENERAL PARTNER - A co-owner of a
partnership who is empowered to enter into contracts on behalf of the
partnership and who is fully liable for all partnership debts.
GIFT
TAX - A graduated federal tax paid by a donor upon making a gift.
GOOD
FAITH - Bona fide. An act is done
in good faith if it is in fact done honestly, whether it is done negligently
or not.
GOOD
WILL - An intangible, salable
asset arising from the reputation of a business.
GOVERNMENT SURVEY - A system of land description in which large blocks of land are
divided into tracts bounded by imaginary lines conforming to the true
meridian.
GRADUATED RENTAL LEASE - A lease
in which the rent payments commence at a fixed, often low rate, but "step
up" or increase at set intervals as the lease term matures.
GRANDFATHER CLAUSE - Common expression used to convey the idea that something which was
once permissible continues to be permissible despite changes in the
controlling law.
GRANTEE - The person who receives
from the grantor a grant of real property.
GRANTOR - The person transferring
title to, or an interest in, real property. A grantor must be competent to
convey; thus, for example, an insane person cannot convey title to real
property.
GROSS
AREA - The total floor area of a
building measured from the exterior of the walls (excluding those
unenclosed).
GROSS
INCOME MULTIPLIER - A useful rule
of thumb to estimate market value of income producing residential property.
The multiplier is derived by using comparable sales divided by the actual or
estimated monthly rentals and arriving at an acceptable average.
GROSS
LEASE - A lease of property under
which the lessee pays a fixed rent, and the lessor pays the taxes,
insurance, and other charges regularly incurred through ownership.
GUARDIAN
- One who is given the lawful custody and care of another (called a ward).
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