Word | Definition |
Gag rules | A provision in contracts signed by new buyers that prohibits the owners from publicizing complaints about the builder.
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General contractor | The person who hires all of the subcontractors and suppliers for a project.
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General plan | A government's long-range land-use plan.
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Gift | A cash gift a buyer receives from a relative or other source. Lenders usually require a "gift letter" stating that the money will not have to be repaid.
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Girders | Crossbeams that support floor joists.
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Good-faith estimate | An estimate from an institutional lender that shows the costs a borrower will incur, including loan-processing charges and inspection fees.
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Government National Mortgage Association | Commonly known as Ginnie Mae, this agency buys home loans from lenders, pools them with other loans and sells shares to investors. Ginnie Mae differs from its cousins, Fannie Mae and Freddie Mac, in that it only purchases loans backed by the federal government.
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Grace period | A specified amount of time to make a loan payment after its due date without penalty.
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Graduated-payment mortgage (GPM) | A mortgage that requires a borrower to make larger monthly payments over the term of the loan. The payment is unusually low for the first few years but gradually rises until year three or five, then remains fixed.
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Grantee | The person(s) or entity acquiring title to real property by a deed. (Buyer)
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Grantor | The person(s) or entity transferring title to real property by a deed. (Seller)
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Gross income | The total income of a household before taxes or expenses are subtracted.
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Ground rent | The amount of money paid for the use of a piece of property when it is a leasehold estate.
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Group home | A single-family residence used as a living space for unrelated, developmentally disabled or mentally disabled people.
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Growing-equity mortgage | A fixed rate mortgage that increases payments over a specific period of time. The extra funds are applied to the principal.
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Guarantee mortgage | A loan guaranteed by a third party, such as a government institution.
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