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G

Gable Roof – a triangular shaped roof with the ridges creating an angle at the top and the eaves creating an angle at the bottom.

Gain - an increase the value of a property.

Garden Apartments - a housing complex that contains a lawn area that all or some of the tenants can access.

General Contractor – a person who constructs a building, improvement, etc. for a property’s owner or developer.

General Lien - a lien that encompasses every property owned by the debtor instead of a single specific property.

General Warranty Deed - a deed in which the the grantee is protected by the grantor against any other claims against the property.

Gentrification – The phenomenon of higher income residents displacing lower income residents in a neighborhood.

Good Faith Estimate - An initial estimate of expected closing costs and loan expenses.

Goodwill - A intangible asset consisting of the public esteem in which a business is held.

Grade - (1) A designated ground level. (2) To change the contours of land.

Graduated-Payment Mortgage(GPM) - A mortgage in which a borrower makes increasingly larger monthly payments over the loan term. For the first few years, the payment is very low, then rises gradually until the third or fifth year and remains constant thereafter.

Grant - The act of conveying title to real estate via a voluntary transfer.

Grantee - the party to whom a real property’s title is conveyed.

Grantor - the party who gives the deed to the grantee.

Gross Debt Service - the amount of money that is required to pay principal, interest and taxes. Also occasionally includes energy costs. If the unit is a condominium, all or part of the common fees are excluded, depending on which expenses are covered.

Gross Monthly Income – A person’s income before deducting taxes, saving plans, social security, etc.

Gross Rent Multiplier - Sales price of a property divided by the gross annual rental rate.

Ground Lease – A lease that rents only the land of a property.

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