The Real Estate Terms & Real Estate Definitions
Real Estate Glossary

This list of Real Estate Terms was compiled into a Real Estate Glossary for informational purposes only to assist our Buyers and Sellers. The Real Estate Terms and Real Estate Definitions are not an exhaustive Real Estate Glossary. Please consult your Home Marketsite Pennsylvania REALTOR or attorney for further advice.

 The Real Estate Terms & Real Estate Definitions
Real Estate Glossary

G

Ginnie Mae (GNMA)
A governmental agency chartered for the purpose of facilitating capital formation for FHA and VA mortgage loans. GNMA guarantees the timely principal and interest payments to investors.

Good Faith Estimate
A disclosure required pursuant to the Real Estate Settlement Procedures Act to be made by lenders to borrowers within three days of loan application. The good faith estimate provides an estimate of various settlement costs to be incurred by the borrower in association with the loan applied for.

Graduated Payment Mortgage (GPM)
A type of flexible-payment mortgage wherein payments begin at a low level and increase over time based on a predetermined schedule. Most GPMs provide for scheduled negative amortization.

Grandfather Clause
The clause in a law permitting the continuation of a use, business, etc., which was once permissible but, not permissible now, due to a change in the law.

Grantee
The person or entity to who interest is conveyed in a legally binding transaction.

Grantor
The person or entity conveying interest in a legally binding transaction.

Gross Income
Total income before expenses are deducted. Generally refers to an individual's income before deductions for income taxes and social security, etc.

The Real Estate Terms & Real Estate Definitions
Real Estate Glossary by:

Home Marketsite - Pennsylvania Real Estate