|
General warranty deed |
A deed in
which the grantor warrants title against all claims, offering
the greatest guarantee of protection of any type of deed, and
which is used in most real estate deed transfers of
title |
|
Ginnie
Mae |
The
Government National Mortgage Association (GNMA), a United
States corporation that guarantees privately issued securities
backed by pools of mortgages insured by the Federal Housing
Administration, the Farmers Home Administration, or the
Veterans Administration |
|
Graduated-payment mortgage
(GPM) |
A
flexible-payment mortgage with monthly principal and interest
payments that increase by a certain percentage each year for a
certain number of years, and then level off for the remainder
of the term |
|
Grantee |
The
person who, by written document, receives title or an interest
in real property from a grantor |
|
Grantor |
The
person who, by written document, transfers title to or an
interest in real property to a grantee |
|
Gross
Lease |
The most
common of residential leases, whereby the landlord pays for
all property expenses incurred through ownership, such as
taxes, insurance, repairs, etc. |
|
Ground
Lease |
A
long-term lease of land (usually 99 years) that allows the
lessee to build and use the land as agreed in the lease, at
the end of which, the land and any improvements revert to the
owner |
|
Ground
rent |
The
payment made for the use of land when the title to the
property is of a leasehold estate, rather than as a fee simple
estate |
|
Growing-equity mortgage (GEM) |
A
fixed-rate loan for which the monthly payments increase over a
designated period of time, with the increased amount of the
monthly payment being applied directly to the principal
balance, thereby shortening the term of the
loan |
|
Guarantee mortgage, or Insured
mortgage |
A
mortgage that is guaranteed against default by a third party
(such as the FHA), and for which the borrower must pay an
insurance premium |
|
Guardian |
An
individual designated by the Court to protect and preserve the
property of someone who is not able to manage his or her own
affairs
See "Conservator" |
