Real Estate Glossary – G

Use our real estate glossary for work, school, or general knowledge.

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General Contractor: The prime contractor who contracts for the construction of an entire building or project, rather than just a portion of the work. The general contractor hires subcontractors, coordinates all work and is responsible for payment to subcontractors.

General Warranty Deed:
The type of deed considered to provide the most protection to an owner, since the seller guarantees that he or she is the true owner of the property and that no claim will be brought against the
property.

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.

Graduated Payment Mortgage: 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.

Grant: To bestow or transfer an interest in real property by deed or other instrument

Grantee: One to whom a grant is made (buyer)

Grantor: The person making the grant (seller)

Guarantor: One who makes a guaranty

Guaranty: Agreement whereby the guarantor assures satisfaction of the debt of another or performs the obligation of another if and when the debtor fails to do so

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