General Lien
A general lien allows the personal property of an individual to be confiscated in order to compensate for an unpaid debt. Although the assets seized do not have to be the assets that caused the debt, real property such as land is usually exempt. |
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General Mortgage
A general mortgage covers all (blanket) the eligible properties of the borrower (as opposed to one individual property). In the event of a liquidation or foreclosure, a blanket mortgage may have a lower priority claim than a mortgage on one of the specific properties in question. |
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General Warranty Deed
A General Warranty Deed specifies all of the grantor's interests in and title to the property to the grantee, and also authorizes the grantee to hold the grantor liable in the event that the title is defective or has a "cloud" on it (such as mortgage claims, tax liens, title claims, judgments, or mechanic's liens against it). By guaranteeing the quality of title to property conveyed, a general warranty deed defends that title and obligates the issuer to pay damages if the title is defective. |
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Gift Letter
A letter from a relative stating that an amount will be "gifted" to the buyer (with no obligation to re-pay) is referred to as a "gift letter". |
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Government National Mortgage Association (GNMA)
"Ginnie Mae" is a government-owned corporation that primarily deals in the recycling of VA and FHA mortgages (especially those that are highly leveraged). It is part of the Department of Housing and Urban Development (HUD), and provides guarantees on mortgage-backed securities, which are the only MBS that are guaranteed by the United States government. |
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Graduated Payment Mortgage
Residential mortgages structured as a graduated payment loan have monthly mortgage payments that start out at a low level, and then increase at a predetermined rate. Partially-deferred payments of principal are usually provided for during the first five years of the loan term, after which the principal and interest payment substantially increase in order compensate for the principal portion of the payments that were not collected at the start of the loan term. |
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Grandfather Clause
When a specific activity or condition that was previously legal but is no longer is lawfully allowed to continue, it is said to be "grandfathered". |
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Grant Deed
A limited warranty deed using the word "grant" (or similar term) can assure the grantee that the grantor has not already transferred the property title to any other party, and that the property is free from any and all encumbrances incurred by the grantor. |
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Grantee
"Grantee" is the legal term for the party in a real estate transaction who is the buyer or recipient. |
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Grantor
"Grantor" is the legal term for the party in a real estate transaction who is the seller or giver. |
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Ground Rent
Dating back over 100 years, a ground rent arrangement simply means that you own the house, but someone else owns the actual property that the house sits on, and with that you must pay the owner rent on that land (defined formally as the earnings of improved property credited to the earnings of the ground itself after an allowance has been made for the earnings of the improvements.). |
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