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Frequently
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Glossary
of Real Estate Terms
Glossary for "G"
Gable
A triangular wall enclosed by the sloping ends of a ridged roof
or a triangular decorative feature.
Gable
roof
A ridged roof that forms a triangle at each end.
Gag
rules
A provision in contracts signed by new buyers that prohibits the
owners from publicizing complaints about the builder.
Gambrel
roof
A roof with two slopes, often seen on barns.
General
contractor
The person
who hires all of the subcontractors and suppliers for a project.
General
plan
A government's long-range land-use plan.
Georgian
style
Popular throughout the 18th century, this type of architecture is
distinguished by a symmetrical facade, prominent front entrance
and quoins-decorative blocks of masonry or wood set in the corners
of the house.
Geodesic
dome
A structure constructed of lightweight bars forming a grid of polygons.
Gift
A cash gift a buyer receives from a relative or other source. Lenders
usually require a "gift letter" stating that the money
will not have to be repaid.
Gingerbread decoration
An intricate, almost lacy, wood trim.
Girders
Crossbeams that support floor joists.
Good-faith estimate
An estimate from an institutional lender that shows the costs a
borrower will incur, including loan-processing charges and inspection
fees.
Government
National Mortgage Association
Commonly known as Ginnie Mae, this agency buys home loans from lenders,
pools them with other loans and sells shares to investors. Ginnie
Mae differs from its cousins, Fannie Mae and Freddie Mac, in that
it only purchases loans backed by the federal government.
Grace
period
A specified amount of time to make a loan payment after its due
date without penalty.
Grade
The elevation of land above level ground.
Graduated-payment
mortgage (GPM)
A mortgage that requires a borrower to make larger monthly payments
over the term of the loan. The payment is unusually low for the
first few years but gradually rises until year three or five, then
remains fixed.
Grade
level
The flat or sloping surface upon which a house is built.
Granny
flat
Slang term for a separate unit in a house or above the garage, which
in the past may have been occupied by an elderly relative.
Grantee
A person conveyed an interest in a piece of property.
Grantor
The person who conveys an interest in a piece of property to another
person.
Greek
Revival style
A style introduced in the U.S. at the end of the 18th century. Its
most prominent feature is a pillar-anchored pediment forming a portico
in the front of the house.
Greenbelt
Any stretch of park, open space or other natural setting in a community.
Gross
income
The total income of a household before taxes or expenses are subtracted.
Ground
fault circuit interrupter
Devices that detect leakage of electrical current to the ground
and prevent accidental shock.
Ground
rent
The amount of money paid for the use of a piece of property when
it is a leasehold estate.
Group
home
A single-family residence used as a living space for unrelated,
developmentally disabled or mentally disabled people.
Growing-equity mortgage
A fixed rate mortgage that increases payments over a specific period
of time. The extra funds are applied to the principal.
Guarantee
mortgage
A loan guaranteed by a third party, such as a government institution.
Gutters
Horizontal channels installed at the edge of a roof to carry rainwater.
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