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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 |
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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 |
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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 |
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Grantee |
The person who, by written document, receives
title or an interest in real property from a grantor |
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Grantor |
The person who, by written document, transfers
title to or an interest in real property to a grantee |
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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. |
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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 |
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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 |
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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 |
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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 |
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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" |
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Working With An Agent >Real Estate Agent Representation
Which party in a real estate transaction is represented by the real estate agent--the buyer or the seller? Until recently that question was never asked because the answer was always the same. Traditionally all the marketing professionals involved in real estate transactions were legally and ethically obligated to conduct business on behalf of the seller. They may have aided the buyer in certain situations, but their client was the seller. Today that is not necessarily the case.
In a time of increasing specialization, buyers can be represented by a real estate agent who functions solely as a buyer's broker. In this case, the sales professional helps the buyer locate a home, negotiate the price, and is responsible to the buyer only, for an agreed-upon fee or a percentage commission.
In any real estate transaction you have the right to know which party the real estate agent is representing.
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| Q |
Upon completion this year, what will be the tallest residential building south of New York and east of Chicago?
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| A |
Located in Biscayne Bay, Florida, the $120 million, 51-floor luxury condominium will be called The Santa Maria. |
 See More Real Estate Trivia > |
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