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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.
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GEM |
This fixed rate mortgage allows low monthly payments during the
initial loan period and gradually increase over the term of the loan.
The payment structure is establish to fully amortize the loan with
payments on the front end of the loan, but as payments increase over
time, the term (years) of the loan is reduced. Many GEM loans may
pay-off in 15-17 years rather than the 30-year amortization schedule. |
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general contractor |
A construction specialist who enters
into a formal construction contract with a landowner or master lessee to
construct a real estate building or project. The general contractor
often contracts with several ~bcontractors specializing in
various aspects of the building process to perform individual jobs.
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general lien |
A lien on all real and personal
property owned by a debtor. general partnership See PARTNERSHIP.
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General warranty deed |
deed in which the grantor agrees
to protect the grantee against any other claim to title to the property
and provides other promises.
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general tax |
See AD VALOREM TAX
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government lot |
Fractional sections in the rectangular
survey system (government survey method) which are less than one full
quarter-section in area.
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GPM |
a mortgage that begins with low monthly payments and then rise
gradually over the next 10 years, before leveling out to an established
payment for the remaining years of the mortgage. |
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Graduated Payment Mortgages (GPM) |
a mortgage that begins with low monthly payments and then rise
gradually over the next 10 years, before leveling out to an established
payment for the remaining years of the mortgage. |
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grant deed |
A type of deed that includes three
basic warranties: (1) the owner warrants that he or she has the right to
convey the property; (2) the owner warrants that the property is not
encumbered other than with those encumbrances listed in the deed; and
(3) the owner promises to convey any after-acquired title to the
property. Grant deeds are popular in states that rely heavily on title
insurance.
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Grantee |
party to whom the title to real
property is conveyed; the buyer.
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Grantor |
anyone who gives a
deed |
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gross lease |
A lease of property under which a landlord
pays all property charges regularly incurred through ownership, such as
repairs, taxes, insurance, and operating expenses. Most residential
leases are gross leases.
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Gross rent multiplier
(GRM) |
sales price divided by the
contract rental rate |
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Growing Equity Mortgage (GEM) |
This fixed rate mortgage allows low monthly payments during the
initial loan period and gradually increase over the term of the loan.
The payment structure is establish to fully amortize the loan with
payments on the front end of the loan, but as payments increase over
time, the term (years) of the loan is reduced. Many GEM loans may
pay-off in 15-17 years rather than the 30-year amortization schedule. |
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gross rent multiplier |
A figure used as a multiplier of the
gross rental income of a property to produce an estimate of the
property’s value.
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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 lease. Such leases are usually long.term
net leases; a tenant’s rights and obligations continue until the lease
expires or is terminated through default.
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guaranteed sale plan |
An agreement between broker and
seller that if the g~1er’s real property is not sold before a certain
date, the broker will purchase it for a specified price.
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