Real Estate Glossary

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GARNISHMENT - A legal process designed to provide a means for creditors to safeguard for themselves the personal property of a debtor which is in the hands of a third party ("garnishee").

GENERAL AGENT - One who is authorized to perform any and all acts associated with the continued operation of a particular job or a certain business.

GENERAL CONTRACTOR - A construction specialist who enters into a formal construction contract with a land owner or master lessee to construct a real estate building or project.

GENERAL PARTNER - A co-owner of a partnership who is empowered to enter into contracts on behalf of the partnership and who is fully liable for all partnership debts.

GIFT TAX - A graduated federal tax paid by a donor upon making a gift.

GOOD FAITH - Bona fide. An act is done in good faith if it is in fact done honestly, whether it be done negligently or not.

GOOD WILL - An intangible, salable asset arising from the reputation of a business.

GOVERNMENT SURVEY - A system of land description in which large blocks of land are divided into tracts bounded by imaginary lines conforming to the true meridian.

GRADUATED RENTAL LEASE - A lease in which the rent payments commence at a fixed, often low rate, but "step up" or increase at set intervals as the lease term matures.

GRANDFATHER CLAUSE - Common expression used to convey the idea that something which was once permissible continues to be permissible despite changes in the controlling law.

GRANTEE - The person who receives from the grantor a grant of real property.

GRANTOR - The person transferring title to, or an interest in, real property. A grantor must be competent to convey; thus, for example, an insane person cannot convey title to real property.

GROSS AREA - The total floor area of a building measured from the exterior of the walls (excluding those unenclosed).

GROSS INCOME MULTIPLIER - A useful rule of thumb to estimate market value of income producing residential property. The multiplier is derived by using comparable sales divided by the actual or estimated monthly rentals and arriving at an acceptable average.

GROSS LEASE - A lease of property under which the lessee pays a fixed rent, and the lessor pays the taxes, insurance, and other charges regularly incurred through ownership.

GUARDIAN - One who is given the lawful custody and care of another(called a ward).

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