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G
gap:
a defect in the chain of title of a particular parcel of real estate; a missing
document or conveyance that raises doubt as to the present ownership of the
land.
general agent:
one authorized by his or her principal to represent the principal in a broad
range of matters.
general lien:
the right of a creditor to have all of a debtor’s property-both real and
personal-sold to satisfy a debt.
general partnership: See Partnership
Ginnie Mae:
a corporation within HUD that participates in the secondary market. It sells
mortgage-backed securities that are backed by pools of FHA and VA loans.
Chartered as the Government National Mortgage Association (GNMA).
good and indefeasible
title: title that cannot be defeated
by a superior claim, set aside, or made void.
Good Faith Estimate (GFE):
a preliminary accounting of expected closing costs given to a buyer from a
lender within three business days of loan application; require by RESPA (the
real estate settlement procedures act).
Government National
Mortgage Association (GNMA): See
Ginnie Mae
government survey system:
See rectangular survey system.
graduated-payment
mortgage: a loan in which a mortgagor
make slower monthly payments for the first few years of the loan.
grantee:
a person who receives a conveyance of real property from the grantor.
grating clause:
words in a deed of conveyance that state the grantor’s intention to convey the
property at the present time. This clause generally is worded as “convey and
warrant,” “grant,” “grant, bargain, and sell,” or “remise, release and
quitclaim.”
grantor:
the person transferring title to or an interest in real property to a grantee.
grantor/grantee indexes:
public record books that are maintained in the county clerk’s office that list
all recorded instruments and reference the volume and page where the exact
documents can be found.
gross income multiplier:
the ratio used to convert annual income into market value in appraising
industrial and commercial properties.
gross rent multiplier:
a figure sued as a multiplier of the gross monthly rental income of a property
to produce an estimate of the property’s value.
ground lease:
a lease of land only, on which the tenant usually owns a building or is required
to build his or her own building as specified in the lese. Such lease are
usually long term net leases.
groundwater rights: water under the earth’s surface blow the saturation point and used by
a property owner through the rule of capture.
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