Glossary

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There are 23 names in this directory beginning with the letter G.
Gable Roof
One with a triangle, with the ridge forming an angle at the top and each eave forming an angle at the bottom.
Gain
Under the federal income tax code, that portion of the proceeds from the sale of a capi_tal asset, such as real estate, that is recognized as taxable profit.
Garden Apartments
A housing complex whereby some or all tenants have access to a lawn area.
Garnishment
A legal process by which a credi_tor gains access to the funds or personal prop_erty of a debtor that are in the hands of a third party. For example, if the debtor's wages are garnished, the employer is required to turn over part of each pay check to the creditor.
General Contractor
One who constructs a building or other improvement for the owner or developer.
General Lien
A lien that includes all of the property owned by the debtor, rather than a specific property.
General Warranty Deed
A deed in which the grantor agrees to protect the grantee against any other claim to title of the property.
Gentrification
The displacement of lower income residents by higher income residents in a neighborhood.
Gift Funds
Money that a relative (or other third party) gives to a buyer who otherwise would not have enough cash to close the transaction.
Ginnie Mae
Popular name for the Government National Mortgage Association, GNMA.
Good Will
An intangible asset of a business resulting from a good reputation with the pub_lic, which serves as an indication of future re_turn business.
Government Lot
In the rectangular survey sys_tem, a parcel of land that is not a regular sec_tion (one mile square), because of the convergence of range lines, or because of a body of water or some other obstacle; assigned a gov_ernment lot number.
Grant
To transfer or convey an interest in real property by means of a written instrument.
Grantee
The party to whom title to real property is conveyed.
Granting Clause
Words in a deed that indi_cate the grantor's intent to transfer an interest in property. Also called the words of convey_ance.
Grantor
The party who gives the deed.
Green Acres Act
A Minnesota statute designed to equalize the property tax burden on certain agricultural property.
Gross Income Multiplier Method
A method of appraising residential property by reference to its rental value. Also called the gross rent multiplier method.
Gross Monthly Income
Income before deductions for taxes, social security, saving plans, court ordered child support, etc.
Gross Rent Multiplier
A figure which is multiplied by a rental property's gross income to arrive at an estimate of the property's value.
Ground Lease
One that rents the land only.
Guardian
A person appointed by a court to ad_minister the affairs of a minor or an incompe_tent person, who is referred to as the guardian's ward.
Guide Meridians
In the rectangular survey system, lines running north-south (parallel to the principal meridian) at 24-mile intervals.