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Gable
A triangular wall enclosed by the sloping ends of a ridged
roof or a triangular decorative feature. |
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Gable roof
A ridged roof that forms a triangle at each end. |
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Gag rules
A provision in contracts signed by new buyers that prohibits
the owners from publicizing complaints about the builder. |
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Gambrel roof
A roof with two slopes, often seen on barns. |
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General contractor
The person who hires all of the subcontractors and suppliers
for a project. |
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General plan
A government's long-range land-use plan. |
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Geodesic dome
A structure constructed of lightweight bars forming a grid
of polygons. |
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Georgian style
Popular throughout the 18th century, this type of architecture
is distinguished by a symmetrical facade, prominent front
entrance and quoins-decorative blocks of masonry or wood set
in the corners of the house. |
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Gift
A cash gift a buyer receives from a relative or other source.
Lenders usually require a "gift letter" stating
that the money will not have to be repaid. |
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Gingerbread decoration
An intricate, almost lacy, wood trim. |
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Girders
Crossbeams that support floor joists. |
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Good-faith estimate
An estimate from an institutional lender that shows the costs
a borrower will incur, including loan-processing charges and
inspection fees. |
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Government National Mortgage Association
Commonly known as Ginnie Mae, this agency buys home loans
from lenders, pools them with other loans and sells shares
to investors. Ginnie Mae differs from its cousins, Fannie
Mae and Freddie Mac, in that it only purchases loans backed
by the federal government. website |
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Grace period
A specified amount of time to make a loan payment after its
due date without penalty. |
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Grade
The elevation of land above level ground. |
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Grade level
The flat or sloping surface upon which a house is built. |
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Graduated-payment mortgage (GPM)
A mortgage that requires a borrower to make larger
monthly payments over the term of the loan. The payment is
unusually low for the first few years but gradually rises
until year three or five, then remains fixed | apply
for a mortgage |
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Granny flat
Slang term for a separate unit in a house or above the garage,
which in the past may have been occupied by an elderly relative. |
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Grantee
A person conveyed an interest in a piece of property. |
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Grantor
The person who conveys an interest in a piece of property
to another person. |
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Greek Revival style
A style introduced in the U.S. at the end of the 18th century.
Its most prominent feature is a pillar-anchored pediment forming
a portico in the front of the house. |
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Greenbelt
Any stretch of park, open space or other natural setting in
a community. |
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Gross income
The total income of a household before taxes or expenses are
subtracted. |
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Gross income
Cash received from room rental. Can be calculated as follows:
number of rooms x ADR x 365 = Gross Income for 100% occupancy
for one year. Now x % occupancy will give average gross income
for this property. You may have other income to add to this
figure, however, do not add restaurant income into this as
it is calculated differently. |
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Gross lease
Lease in which tenant pays fixed rent (the base rent), landlord
pays taxes, insurance and all other operating costs. Also
called fixed, flat and full-service lease in some markets. |
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Gross Up
Adjustment made to operating expenses to reflect occupancy
levels in a building. |
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Ground fault circuit interrupter (GFCI)
Devices that detect leakage of electrical current to the ground
and prevent accidental shock. |
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Ground lease
A lease which keeps the ownership of the land separate from
that of the improvements.
The landlord leases the land to the tenant, but the tenant
owns the improvements. |
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Ground rent
The amount of money paid for the use of a piece of property
when it is a leasehold estate. |
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Group home
A single-family residence used as a living space for unrelated,
developmentally disabled or mentally disabled people. |
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Growing-equity mortgage
A fixed rate mortgage that increases payments over a specific
period of time. The extra funds are applied to the principal
| get pre-qualified for a mortgage |
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Guarantee mortgage
A loan guaranteed by a third party, such as a government institution. |
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Gutters
Horizontal channels installed at the edge of a roof to carry
rainwater or melted snow away from the house. |
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