Real Estate Glossary
Lansing Area Real Estate
REAL ESTATE
 
A B C D E F G H I J L M N O P Q R S T U V W XYZ
 
G

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.

general contractor
A licensed construction specialist who enters into a construction contract with a developer or property owner to construct a building or real estate project. The general contractor often negotiates individual contracts with sub-contractors who specialize in various aspects of the building process, such as electricity, drywall and plumbing.

general index
A county recorder's office index used by title company examiners when searching the chain of title of a property. The examiner uses the index to research all the grantors and grantees in the chain of title. The index lists all the things that apply to a person by name, including liens, judgments and power of attorneys.

general plan
Every city and county is required to develop a general plan of comprehensive zoning.

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.

gift deed
A deed in which the consideration is "love and affection." Because the deed is not supported by valuable consideration, the donee (recipient of the gift) may not be able to enforce against the donor certain promises or agreements contained in the deed.

Ginnie Mae
See: Government National Mortgage Association (GNMA)
  Ginnie Mae Online

good-faith estimate
A preliminary accounting of expected closing costs. The Real Estate Settlement Procedures Act (RESPA) requires the lender to promptly give loan applicants a good-faith estimate of closing costs.

government lot
Fractional sections in the rectangular (government) survey system that are less than one quarter-section in area. Areas smaller than full quarter-sections were numbered and designated as government lots by surveyors. These lots can be created by the curvature of the earth; by land bordering or surrounding large bodies of water; or by artificial state borders.

Government National Mortgage Association (GNMA)
A federal agency created in 1968 when the Federal National Mortgage association (FNMA) was partitioned into two separate corporations. "Ginnie Mae," as it is popularly called, is a corporation without capital stock and is a division of HUD. The GNMA operates the special assistance aspects of federally aided housing programs and has the management and liquidating functions of the old FNMA. The FNMA is authorized to issue and sell securities backed by a portion of its mortgage portfolio, with the GNMA guaranteeing payment on such securities.
Ginnie Mae Online

government survey system
A system of land description that applies to much of the land in the United States, particularly in the western states; also called the geodetic or rectangular survey system. It is based on pairs of principal meridians and base lines, with each pair governing the surveys in a designated area.

grandfather clause
An expression that conveys the concept that something that was once permissible continues to be so, despite changes in the law.

grantee
The person who receives a conveyance of real property from a grantor. The grantee must be a person, either natural or otherwise (e.g. corporation, public agency, partnership, etc.) existing at the time of the conveyance and is capable of taking title.

grant deed
A type of deed in which the grantor warrants to the grantee, that he has not previously conveyed the estate, that he has not encumbered the property (except as noted in the deed) and that he will convey any title to the property he may later acquire.

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" or the like.

grantor
The person transferring title, or an interest in real property. A grantor must be competent to convey title. A corporate grantor must have legal existence and be authorized to hold and convey title to real property. The grantor must be clearly identified in the deed.

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 operating income
The result when other income is added to rental income.

gross lease
A lease of property according to 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.

gross rental income
Gross receipts for the rental of income property.

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.

gross scheduled income

The maximum amount of rent if the property were 100 percent occupied.

ground lease
A lease of land alone, sometimes secured by improvements placed on the land. Also called a land lease, the ground lease is a means used to separate the ownership of the land from the ownership of the buildings and improvements constructed on the land.

groundwater
Water under the earth's surface, regardless of the geological structure in which the water is standing or flowing. It does not include water in underground streams that have identifiable banks and beds.
 

A B C D E F G H I J L M N O P Q R S T U V W XYZ
 
 
REAL ESTATE
Lansing, East Lansing, Okemos, Haslett, Williamston, DeWitt, Bath, Perry, Holt, Mason, Leslie, Dansville
Stockbridge,  Webberville, Grand Ledge, Charlotte, Olivet, Potterville, Eaton Rapids, St. Johns, Laingsburg, Owosso, Portland

1651 West Lake Lansing Road, East Lansing, Michigan 48823 

Office:   517-324-3200
Fax:   517-324-3201
Toll Free:   877-326-3772

Email:

Contact Agents

   

Top level Real Estate services for...

  Bath Real Estate
Charlotte Real Estate
Dansville Real Estate
DeWitt Real Estate
East Lansing Real Estate
Eaton Rapids Real Estate
Grand Ledge Real Estate
Haslett Real Estate
 
Holt Real Estate
Laingsburg Real Estate
Lansing Real Estate
Leslie Real Estate
Mason Real Estate
Olivet Real Estate
Okemos Real Estate
Perry Real Estate
Portland Real Estate
Potterville Real Estate
St. Johns Real Estate
Stockbridge Real Estate
Williamston Real Estate
Webberville Real Estate


©TheLawtonGroup 2010

Lansing Michigan Homes For Sale | Relocation | Buying | Selling | MLS Search

Member of the Greater Lansing Association of Realtors
Michigan Association of Realtors       National Association of Realtors
Realtor.com