Real Estate Glossary

This list is provided for reference only. Each state has it's own real estate laws, terms and regulations for Realtors. In Arizona, your Realtor and Title Company handle most real estate transaction activities that involve attorneys in many other states. However, you have the right to seek the advice of an attorney or other professional counsel in any real estate transaction.

General Lien - A lien that includes all the property owned by a debtor, rather than a specific property. Also see Specific Lien - .

General Warranty Deed - A deed which conveys not only all the grantor's interests in and title to the property to the grantee, but also warrants that if the title is defective or has a "cloud" on it (such as mortgage claims, tax liens, title claims, judgments, or mechanic's liens against it) the grantee may hold the grantor liable. A general warranty deed offers the most protection of any deed.

Government National Mortgage Association - Ginnie Mae (GNMA) A federal association working with FHA which offers special assistance in obtaining mortgages, and purchases mortgages in a secondary capacity.

Good Faith Estimate - A written estimate of closing costs which a lender must provide you within three days of submitting an application.

Government Survey Method - A system of land description (not used in Texas) which uses meridians (north and south lines) and base lines (east and west lines). Areas include quadrangles (24 miles on each side), townships (6 miles on each side), and sections (1 mile on each side). Also known as the Rectangular Survey Method. Also see Metes and Bounds - , and Recorded Plat - (Lot and Block Number) method.

Grace Period - A period of time during which a loan payment may be paid after its due date but not incur a late penalty. Such late payments may be reported on your credit report.

Grandfather Clause - The clause in a law permitting the continuation of a use, business, etc., which, when was permissible but, because of a change in the law is now not permissible.

Grantee - A person to whom real estate is conveyed; the buyer.

Grantor - A person conveying real estate by deed; the seller.

Gross Debt Service - The amount of money needed to pay principal, interest and taxes, and sometimes energy costs. If the dwelling unit is a condominium, all or a portion of common fees are excluded, depending on what expenses are covered.

Gross Income - For qualifying purposes, the income of the borrower before taxes or expenses are deducted.

Gross Lease - A lease of property where the landlord pays charges regularly incurred in ownership, such as taxes, insurance, utilities, and repairs. Also see Net Lease - .

Ground Rent - Rent paid for vacant land. If the property is improved, ground rent is the portion attributable to the land only.