Glossary in letter g

Gable

A gable is the generally triangular portion of a wall between the lines of a sloping roof. The shape of the gable and how it is detailed depends on the structural system being used and aesthetic concerns.

Gable decoration

A triangular filigree or panel fitted into the rake end of a gable roof.

Gable roof

A ridged roof that forms a triangle at each end.

Gap

A defect in the chain of title; a missing document that raises doubt as to the true owner of the property.

General contractor

The person who hires all of the subcontractors and suppliers for a project.

General plan

A government's long-range land-use plan.

Georgian style

Georgian architecture is the name given in English-speaking countries to the architectural styles current between about 1720 and 1840, named after the four British monarchs named George.

Gift

A cash gift a buyer receives from a relative or other source to escape tax, but the lender usually requires a "gift letter" stating that the money will not have to be repaid.

Gingerbread decoration

An intricate, almost lacy, wood trim.

Good-faith estimate

A Good Faith Estimate (GFE) is something that you are to receive within 3 days of a mortgage application. The good faith estimate lists an estimate of what the total closing costs will be to get your mortgage. It is a long list, and the charges can be confusing.

Government National Mortgage Association (GNMA)

also known as (Ginnie Mae) was created by the United States Federal Government through a 1968 partition of the Federal National Mortgage Association. Unlike similar agencies Fannie Mae and Freddie Mac, Ginnie Mae only purchases loans backed by the federal government.

GPM

A graduated payment mortgage loan, often referred to as GPM, is a mortgage with low initial monthly payments which gradually increase over a specified time frame.

Grace Period

In law, a grace period is a period of time during which a particular rule exceptionally does not apply, or only partially applies.

Graduate Realtor® Institute (GRI)

A designation issued by the National Association of Realtors (NAR) to members who meet specific performance and education requirements for residential real estate sales.

Graduated-Payment Mortgage

Often referred to as GPM, is a mortgage with low initial monthly payments which gradually increase over a specified time frame.

Grantee

A person to whom an interest in a piece of property is conveyed.

Grantor

The person who conveys an interest in a piece of property to another person.

Greek revival style

An architectural movement of the late eighteenth and early nineteenth centuries, predominantly in northern Europe and the United States. A product of Hellenism it may be looked upon as the last phase in the development of neoclassical architecture.

Ground rent

The amount of money paid for the use of a piece of property that is a leasehold estate.

Growing-equity mortgage

A fixed-rate mortgage that increases payments over a specific period of time. The extra funds are applied to the principal.