Real Estate Terms
Gable Roof - A roof having two sloping edges in a shape of a triangle.
Gambrel Roof - A roof similar in the shape of a barn, whereby, the lower ridge is more inclined than the upper ridge.
Garage - An attached or detaced closed area of a property used to park vehicles.
General Contractor - A contractor who contracts for the entire construction of a building or addition of a building.
General Lien - A lien which attaches to all properties held by a person until a debt is repaid.
Generally Accepted Accounting Principles - Accounting principles which are approved by the accounting industry and required in audits.
Gift Letter - A letter from a relative stating that an amount will be gifted to the buyer, and that said amount is not to be repaid.
Good Faith - An act done with good intentions
Government Mortgage - Any mortgage that is backed by a government entitity.
Government National Mortgage Association (Ginnie Mae) - A governmental part of the secondary market that deals primarily in recycling VA and FHA mortgages, particularly those that are highly leveraged.
Grace Period - A period of time allowed for payment past the due date
Graduated Payment Mortgage - A residential mortgage with monthly payments that start at a low level and increase at a predetermined rate.
Grandfather Clause - A clause in law that allows for the continued use of something which at one time was lawfully permitted, however, new laws have declared it no longer permissable.
Grantee - one who is given ownerhsip of a property
Grantor - One who gives ownership of a property
Greenbelt - Landscaping used to separate residential property from neighboring commercial property or roads
Gross Acre - The entire acre of land which consists of 43,560 square feet
Gross Area - The total measurement of floor space in a building obtained by measuring exterior walls.
Gross Income Multiplier - An equation used to determine market value of a property by multipliying it to the annual gross income
Gross Rent Multiplier - an equation determined by dividing the sales price by the gross monthly rent.
Ground Fault Interrupter (GFI) A type of circuit breaker required by law to prevent damage due to water.
Grout - A material used around ceramic tile
Gutter - A box like material position alongside the roof edges to catch and deflect water away from the structure
Real Estate Terms beginning with F
Real Estate Terms beginning with H