Real Estate Insurance Terms - G

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GABLE - The exterior wall surface, triangular in shape, formed by the inclined edges of a ridged roof (gable roof).

GABLE ROOF - A ridged roof, having two sloping edges which, at the ends of the of the ridge, form a gable.

GAIN - Profit. Important for tax purposes when realized from the sale of a capital asset.

GALLERY - (1) A covered walkway, open on one side, running along an upper story of a building, either inside or outside. (2) The highest theater balcony, having the cheapest seats. (3) A building or portion of a building used for exhibits, such as an art gallery.

GALLON - A liquid measure of 231 cubic inches or 4 quarts.

GAMBREL ROOF - A ridged roof, each side having two slopes, the lower of which is more inclined.

GAP COMMITMENT - A commitment to loan the difference between the floor amount of a take out loan and the full amount. The commitment is issued to enable a construction lender to loan the full amount of a take out commitment, rather than only the floor amount.

GAP FINANCING - Loans secured at interim financing until more permanent financing can be obtained.

GARAGE - A place to keep or repair motor vehicles; either a building adjacent or attached to a residence or as a commercial enterprise.

GARBAGE DISPOSAL - A small tank with metal grinders, which is usually installed under the drain in a kitchen sink. The grinders pulverize discarded food into particles which may be washed into the sanitary sewer.

GARDEN - A small parcel of land used for growing fruits, vegetables or flowers, which are usually not sold, but used by the grower.

GARDEN APARTMENTS - An apartment development consisting of two or more structures, surrounded by an abundance of lawns, plants, flowers, etc., giving a garden-like atmosphere.

GARNISHMENT - A legal proceeding under which a person's money in control of another (such as salary) is taken for payment of a debt. The amount which may be taken is set by statute (usually as a percentage), and, in most states, a judgment is necessary before garnishment.

GAZEBO - An open structure, usually in the garden of a "summer house" where one may sit and enjoy the view. Also called a belvedere.

GENERAL CONTRACTOR - One who contracts for the construction of an entire building or project, rather than for a portion of the work. The general contractor hires subcontractors, such as plumbing contractors, electrical contractors, etc., coordinates all work and is responsible for payment to the said subcontractors.

GENERAL LIEN - (1) A lien such as a tax lien or judgment lien which attaches to all property of the debtor rather than the lien of, for example, a trust deed, which attaches only to specific property. (2) The right of a creditor to hold personal property of a debtor for payment of a debt not associated with the property being held. Must be done under an agreement since against general precepts of law.

GERRYMANDER - To divide an area into districts, against the obvious natural divisions, in order to accomplish an unlawful purpose. For example: to divide a school district to keep out certain people for reasons of race or religion; to divide a political voting district so as to give power to a political party.

GIFT - A voluntary transfer of property without valuable consideration.

GIFT CAUSA MORTIS - A gift made in contemplation of death. The gift is conditioned upon the death of the donor and may be revoked before the donor's death.

GIFT DEED - A deed for nominal consideration.

GIFT LETTER - A letter to HUD from the donor (giver) stating that a gift of money has been made to the buyer in order to purchase specific property. The relationship of the donor and donee is stated, as well as the amount of the gift.

GIFT TAX - A federal and sometimes a state tax on inter vivos transfers without consideration.

GINGERBREAD WORK - Use of ornamentation in architecture, especially residential, which adds to emotional appeal, rather than functional value.

GIRDER - (1) One of the heavy beams supporting flooring joists. (2) A metal framing member of a series of heavy supports for a building, bridge, etc.

GIRT - A horizontal bracing member, running between columns or other vertical members to stiffen the framing.

GLASS BLOCK - A building block of hollow glass, used as a decorative wall, but not usually a bearing wall.

GLAZED BRICK - A brick having a glazed (glossy) surface.

GLUE LAMINATED BEAMS - Beams composed of layers of wood, pressed and glued together and used to support roof rafters.

GNMA (GINNIE MAE) - Government National Mortgage Association. A federal association, working with the F.H.A., which offers special assistance in obtaining mortgages and purchases mortgages in a secondary capacity.

GNMA (GOVERNMENT NATIONAL MORTGAGE ASSOCIATION) OPTIONS - A method of purchasing GNMA securities through "puts" and "calls". A GNMA Call Option is the right to buy GNMA securities at the specific yield for a specified time. The buyer pays for the option and may exercise it, not exercise it, or sell it.

GNMA PASS-THROUGH CERTIFICATES - Mortgage-backed securities insured by the Government National Mortgage Association.

GOOD FAITH - Something done with god intentions, without knowledge of fraudulent circumstances, or reason to inquire further.

GOOD WILL - A salable asset of a business, based on its reputation rather than its physical assets.

GORE - A small parcel of land, usually triangular in shape, resulting from the failure of a legal description to join 2 tracts. (Also called: Hiatus).

GOVERNMENT LOTS - Irregularly shaped parcels of land, usually fronting on water, which could not practically be divided into sections under government survey.

GRACE PERIOD - A period of time past the due date for a payment (Mortgage, Insurance, etc.) during which time a payment may be made and not considered delinquent.

GRADE - The degree of the slope of land.

GRADED TAX - A property tax designed to promote local development by increasing the tax rate on land and decreasing it on improvements.

GRADE SEPARATION - A structure, such as a cloverleaf of a highway, enabling roads to intersect one over the other, obviating the need for a traffic light or stop sign.

GRADIENT - The degree of the slope of land.

GRADUATED PAYMENT MORTGAGE - A mortgage or deed or trust calling for increasingly higher payments over the term of the loan. This allows the buyer low beginning payments. The payments then increase as (theoretically) the buyer's earnings increase.

GRAIN - (1) The direction, size, and arrangement of the fibers of wood, leather, etc. (2) Seeds from cereal plants, such as wheat, oats, corn, etc. (3) A small particle, such as a grain of sand. (4) A unit of weight equal to 1/7000th of a pound.

GRANDFATHER CLAUSE - The clause in a law permitting the continuation of a use, business, etc., which, when established was permissible but, because of a change in the law, is now not permissible.

GRAND LIST - The term used for the tax roll or assessment list in the New England States.

GRANT - To transfer an interest in real property; either the fee or a lesser interest, such as an easement.

GRANT DEED - One of the many types of deeds used to transfer real property. Contains warranties against prior conveyances or encumbrances. When title insurance is purchased, warranties in a deed are of little practical significance.

GRANTEE - One to whom a grant is made. Generally, the buyer.

GRANTOR - One who grants property or property rights.

GRANTOR-GRANTEE INDEX - The record of the passing of title to all the properties in a county as kept by the county recorder's office. Property is checked by tracing the names of the sellers and buyers (chain of title). Title companies usually have more efficient methods by keeping records according to property description.

GRAVEL - Loose rock about to millimeters in diameter, found in great quantity, and used for roadbeds, as a surface or under paving.

GRAVITY FURNACE - A hot air furnace which circulates by the different weights of hot and cold air, rather than by a fan.

GREEN LUMBER - Unseasoned lumber having a higher content of moisture than that of a seasoned or air-dried lumber.

GRID - (1) A network of pipes (as for distribution of water or gas). (2) A network of uniformly spaced horizontal lines, as on a map or chart, used for locating points by coordinates. (3) A chart used by insurance companies and lenders for rating property, risk of the borrower, neighborhood, etc.

GRIDIRON PATTERN (GRIDIRON PLAN) - A layout of streets in a subdivision or city which resembles a gridiron.

GROSS - Total, with no allowance or deductions, such as gross acre, gross lease, gross income, gross sales, etc.

GROSS ACRE - An acre (43,560 sq. ft.). Distinguished form a net (usable) acre.

GROSS AREA - In building measurement, the outside dimensions determine the gross area, irrespective of the area inside actually usable or rental.

GROSS LEASE - A lease which obligates the lessor to pay all or part of the expenses of the lease property, such as taxes, insurance, maintenance, utilities, etc.

GROUND BEAM - A horizontal beam, very heavy and strong, installed at ground level to support and distribute the weight of that part of the building above the foundation.

GROUND LEASE - A lease of vacant land or land exclusive of any buildings on it. Usually a net lease.

GROUND LEVEL - Being at the level of the surrounding land, such as the ground floor of a building.

GROUND RENT - Rent paid for vacant land. If the property is improved, ground rent is that portion attributable to the land only.

GROUNDS - (1) The area surrounding a building which goes with and is of the same ownership as the building. The word would be used if the area were substantial, as opposed to a yard. (2) Strips of wood placed over the lath, to which molding is nailed.

GROUND WATER - Water in the subsoil or of a spring or shallow well.

GROUT - (1) Thin mortar used in masonry work to fill joints between bricks, blocks, tiles, etc. (2) A variety of plaster used to finish ceilings of superior quality.

GULLY EROSION - The formation of a gully by continued erosion through the soft topsoil (rill erosion) into the subsoil, where a more permanent channel is cut, separating areas and preventing the movement of animals, machinery, etc.

GUTTER - (1) A channel along the eaves to direct rainwater to a downspout. (2) The channel formed by the meeting of the street and curb, where rainwater runs to a sewer.

GYPSUM - An ingredient of plaster or cement; it is hydrated calcium sulphate.