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Real Estate Abbreviations, Terms and Phrases
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garden home
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See patio home
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gated community
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A neighborhood or group of neighborhoods,
usually surrounded by masonary walls, restricting access through the use
of a manned guard station or electronically operated gates. The electronic
gates may be opened through the use of individual remote controls and/or
a numeric keypad and code. Some gated communities restrict entry
at all times, while others only limit access during the evening hours.
The City of Houston does not allow public city streets to be gated off,
so only neighborhoods with private streets, may have restricted access.
The costs associated with maintaining a manned guard gate can significantly
impact monthly maintenance fees, depending on the size of the community.
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general lien
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A lien that includes all the property owned
by a debtor, rather than a specific property. Contrast with Specific Lien.
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general
warranty deed
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A deed in which the grantor fully warrants
good and clear title to the property. A general warranty deed offers the
most protection of any deed.
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Ginnie Mae
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The common nickname for the Government National
Mortgage Association. Ginnie Mae was created in 1968 as a wholly
owned corporation within the Department of Housing and Urban Development
(HUD), having been separated from Fannie Mae. Ginnie Mae does not
loan money for mortgages. Instead, it operate in the secondary mortgage
market, buying loans and selling mortgage-backed securities investors,
which in turn, increases the availability of mortgage credit.
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Government National Mortgage Association
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See Ginnie Mae.
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GNMA
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Acronym - Government National Mortgage Association,
also known as "Ginnie Mae"
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good faith estimate
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A written estimate of closing costs which
a lender must provide you within three days of submitting an application.
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government survey method
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A system of land description (not used in
Texas) 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.
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grace period
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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.
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grant deed
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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.
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grantee
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A person to whom real estate is conveyed;
the buyer.
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grantor
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A person conveying real estate by deed; the
seller.
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gross debt service
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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.
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gross income
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For qualifying purposes, the income of the
borrower before taxes or expenses are deducted.
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gross lease
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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 that’s where the landlord’s share of the
costs stops. Contrast with Net Lease.
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