Common Realestate Terms & Definnitions

Common Realestate Terms & Definnitions

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Common Realestate Terms & Definitions

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

A triangular wall enclosed by the sloping ends of a ridged roof or a triangular decorative feature.

A ridged roof forming a triangle at each end.

A provision in contracts signed by new buyers that prohibits the owners from publicizing complaints about the builder.

Gambrel roof

A roof with two slopes, often seen on barns.

General contractor

The person who hires all of the subcontractors and suppliers for a project.

General plan

A government's long-range land-use plan.

Georgian style

Popular throughout the 18th century, this type of architecture is distinguished by a symmetrical facade, prominent front entrance and quoins-decorative blocks of masonry or wood set in the corners of the house.

Geodesic dome

A structure constructed of lightweight bars forming a grid of polygons.

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.

Gingerbread decoration

An intricate, almost lacy, wood trim.

Crossbeams that support floor joists.

Good-faith estimate

An estimate from an institutional lender that shows the costs a borrower will incur, including loan-processing charges and inspection fees.

Government National Mortgage Association (Ginnie Mae)

An agency that buys home loans from lenders, pools them with other loansand tsells shares to investors. Ginnie Mae differs from its cousins (Fannie Mae) (Freddie Mac) because it only purchases loans backed by the federal government.

Grace period

A specified amount of time to make a loan payment after its due date without penalty.

The elevation of land above level ground.

Graduated-payment mortgage GPM)

A mortgage that requires a borrower to make larger monthly payments over the term of the loanThe payment is unusually low for the first few years but gradually rises until year three or fivethen remains fixed.

Grade level

The flat or sloping surface upon which a house is built.

Granny flat

Slang term for a separate unit in a house or above the garage, which in the past may have been occupied by an elderly relative.

A person conveyed an interest in a piece of property.

The person who conveys an interest in a piece of property to another person.

Greek Revival style

A style introduced in the U.S. at the end of the 18th century. Its most prominent feature is a pillar-anchored pediment forming a portico in the front of the house.

Any stretch of park, open space or other natural setting in a community.

Gross income

The total income of a household before taxes or expenses are subtracted.

Ground fault circuit interrupter

Devices that detect leakage of electrical current to the ground and prevent accidental shock.

Ground rent

The amount of money paid for the use of a piece of property when it is a leasehold estate.

A single-family residence used as a living space for unrelated developmentally disabled or mentally disabled people.

Growing-equity mortgage

A fixed rate mortgage that increases payments over a specific period of time. The extra funds are applied to the principal.

Guarantee mortgage

A loan guaranteed by a third party, such as a government institution.

Horizontal channels installed at the edge of a roof to carry rainwater or melted snow away from the house.

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

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