GLOSSARY OF TERMS

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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 warranty deed 
A deed in which the grantor fully warrants good clear title to the premises.  Used in most real estate deed transfers, a general warranty deed offers the greatest protection of any deed.
 
Ginnie Mae
A government agency that plays an important role in the secondary mortgage market.  It sells mortgage-backed securities that are backed by pools of FHA and VA loans.
 
good faith estimate
An estimate of charges which a borrower is likely to incur in connection with a settlement.
 
Government National Mortgage Association (GNMA)
see Ginnie Mae.
 
graduated-payment mortgage (GPM)
A loan in which the monthly principal and interest payments increase by a certain percentage each year for a certain number of years and then level off for the remaining loan term.
 
grantee
A person who receives a conveyance of real property from a grantor.
 
granting clause
Words in a deed of conveyance that state the grantor's intention to convey the property at the present time.  This clause is generally worded as "convey and warrant"; "grant"' "grant, bargain, and sell"; of the like.
 
grantor
The person transferring title to or an interest in real property to a grantee.
 
gross income multiplier
A figure used as a multiplier of the gross annual income of a property to produce an estimate of the property's value.
 
gross lease
A lease of property according to which as landlord pays all property charges regularly incurred through ownership, such as repairs, taxes, insurance, and operating expenses.
 
gross rent multiplier (GRM) 
The figure used as a multiplier of the gross monthly 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 as specified in the lese.  such leases are usually long-term net leases; the tenant's rights and obligations continue until the lease expires or is terminated through default.
 
growing-equity mortgage (GEM)
A loan in which the monthly payments increase annually, with the increased amount being used to reduce directly the principal balance outstanding and thus shorten the overall term of the loan.