Real Estate Terminology
General Agent
A general agent refers to the entity that has full authority over a property of the principal, such as a property manager.
General Lien
A general lien is a lien that attaches to all of the property of a person within the court's jurisdiction.
General Warranty Deed
A general warranty deed is a deed denoting an unlimited guarantee of title.
Ginnie Mae
Ginnie Mae is the nickname for Government National Mortgage Association (GN MA), a U.S. government agency that purchases FHA and VA mortgages.
Girder
A girder is the main beam in a structure that spans the distance from one side of the foundation to the other.
Good Faith Estimate
A Good Faith Estimate is an estimate of the fees a mortgage borrower will be required to pay at closing. It is required by Federal law that the lender provides the Good Faith Estimate within three business days of the initial loan application.
Grace Period
In a mortgage, the grace period refers to a specified time frame in which payment may be made without the borrower being in default.
Graduated Lease
A graduated lease is a lease in which the rent changes from period to period over the lease term. This type of lease is usually used by a new business tenant whose income will increase over time.
Graduated Payment Mortgage (GPM)
A graduated payment mortgage has payments that are lower in the early years but increase on a scheduled basis until they reach a level of amortization.
Grandfather Clause
A "grandfather clause" allows an activity to continue that was once considered acceptable or legal, but has since had the rules or laws changed. An example of this is when a building once allowed pets, but subsequently changed the House Rules to not allow pets. The existing tenants or owners are allowed to keep their pets, but new occupants to the building are not allowed to bring them in. The existing pets and owners are "grandfathered".
Grant
A grant is a transfer of title to real property by deed.
Gross Lease
A gross lease is a lease in which the lessor pays all costs of operating and maintaining property, including the property taxes.
Ground Lease
A ground lease is a long-term lease of unimproved land and is usually for construction purposes.
Habendum Clause
The habendum clause is the statement in a deed that begins with the Words "to have and to hold" and describes the estate granted.
Half Bath
A half bath, or powder room, has a sink and toilet, but does not have a bathtub or shower. Headers
Headers are wooden reinforcements for the placement of doors and windows.
Headers are wooden reinforcements for the placement of doors and windows.
Hectare
A hectare is the metric system equivalent to 2.47 acres.
Holding Period
Holding period refers to the length of time a property is owned.
Holdover Tenant
A holdover tenant is a tenant that remains in possession of a property after a lease terminates.
Home Equity Loan
A home equity loan is a loan made against the equity in a home
House Rules
House rules are building rules regulating the conduct and responsibilities of homeowners as they affect the building‘s common areas and services.
Housing Expense Ratio
The housing expense ratio is the relationship of a borrower’s monthly payment obligation on housing (principal, interest, taxes, insurances and other applicable housing expenses) divided by gross monthly income, expressed as a percentage. It is also referred to as top ratio.
HVAC
HVAC is an acronym that stands for heating, ventilation and air conditioning.
Hydronic System
A hydronic system is a process in an HVAC system where liquids are heated or cooled.
Hypothecate
Hypothecate is to pledge property as security for the payment of a debt without giving up
possession.
possession.
Improvements
Improvements are changes or additions made to a property. These typically increase the value of the property.
Indemnification
Indemnification is the reimbursement or compensation paid to someone for a loss already suffered.
Index
Index is a benchmark, usually a published interest rate, such as a one-year London Interbank Offered Rate (LIBOR) security yields, used to calculate the interest rate of an adjustable rate mortgage when rate is scheduled to change. Generally, a margin stated in loan documents is added to the index to determine the new interest rate.
Index Lease
An index lease is a lease with a method of determining rent by an index, such as the LIBOR index.
Ingress
An ingress is the right to enter a parcel of land, usually used as "ingress and egress", or both entering and leaving.
Injunction
An injunction is a court instruction to discontinue a specified activity.
Insider Rights
Special rights offered to tenants occupying apartments in a building in the process of converting to a co-op or condo, giving them the exclusive right to buy their apartments for a limited period of time and normally at a discounted price.
Installment Land Contract
See Contract For Deed.
Installment Sale
An installment sale is a property sale in which the purchaser pays the purchase price over a period of years. The seller recognizes gain for tax purposes by the proportion of the profit (determined by the profit divided by the nest sales price of the asset) received on each payment as it is received.
Insurable Interest
Insurable interest is the amount of property qualifying for insurance.
Insured Value
The insured value is the amount that a structure is insured and should include the cost of replacing the structure if completely destroyed.
Interest- Rate Spread
The interest-rate spread is the differential between the retail interest rate charged to a borrower and the wholesale rate accepted by the financial industry when acquiring home mortgage loans. The spread is the profit to the bank.
Interest Rates
The interest rate is the cost of borrowing money from a lender. Rates will vary and will change over time.
Interim Financing
Interim financing is a short-term or temporary loan such as a construction or bridge loan.