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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 |
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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 |
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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 |
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Grantee |
The person who, by written document, receives title or an interest in
real property from a grantor
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Grantor |
The person who, by written document, transfers title to or an interest
in real property to a grantee |
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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. |
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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 |
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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 |
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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 |
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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 |
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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" |
