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Real Estate Definitions

These are definitions related to real estate. The definitions can be very helpful in understanding much of the confusion that comes over people when they are trying to understand what a realtor or a loan officer might be saying. If you have any other words you may need defined, do not hesitate to call me at 608-219-8014.

A B C D E F G H I J L M N O P Q R S T U V W Z


G

General warranty deed: A deed in which the grantor warrants title against all claims, offering the greatest guarantee of protection of any type of deed, and which is used in most real estate deed transfers of title.

Ginnie Mae: The Government National Mortgage Association (GNMA), a United States corporation that guarantees privately issued securities backed by pools of mortgages insured by the Federal Housing Administration, the Farmers Home Administration, or the Veterans Administration.

Graduated-payment mortgage (GPM): A flexible-payment mortgage with monthly principal and interest payments that increase by a certain percentage each year for a certain number of years, and then level off for the remainder of the term.

Grantee: The person who, by written document, receives title or an interest in real property from a grantor.

Grantor: The person who, by written document, transfers title to or an interest in real property to a grantee.

Gross Lease: The most common of residential leases, whereby the landlord pays for all property expenses incurred through ownership, such as taxes, insurance, repairs, etc.

Ground Lease: A long-term lease of land (usually 99 years) that allows the lessee to build and use the land as agreed in the lease, at the end of which, the land and any improvements revert to the owner.

Ground rent: The payment made for the use of land when the title to the property is of a leasehold estate, rather than as a fee simple estate.

Growing-equity mortgage (GEM): A fixed-rate loan for which the monthly payments increase over a designated period of time, with the increased amount of the monthly payment being applied directly to the principal balance, thereby shortening the term of the loan.

Guarantee mortgage, or Insured mortgage: A mortgage that is guaranteed against default by a third party (such as the FHA), and for which the borrower must pay an insurance premium.

Guardian: An individual designated by the Court to protect and preserve the property of someone who is not able to manage his or her own affairs See "Conservator".


Keller Williams real estate agency serving Madison and the southern Wisconsin area

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Nataliya Flannery
My Cell Phone: (608) 219-8014
My Fax Number: (608) 831-0825
My Email: natflannery@kw.com
Alternate Website: Nataliya Flannery
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Keller Williams-West Madison:
3 Point Place
Madison, WI 53719
Last Updated: March 23, 2007 All information copyright madison-real-estate.net 2005, Webmaster
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