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GAAP -  See Generally Accepted Accounting Principals.  

Gable Roof - A roof in which the two opposite planes slope down from a ridge line.  

Gambrel Roof - A roof with a steep lower slope and a flatter upper slope; found on some barns and on Dutch colonials.

Gap Loan - See Bridge Loan.

Garnishment -  A legal proceeding in which a person’s money or wages are taken for payment of a debt.  The amount that may be taken is set by statute (usually as a percentage) and, in most states, a judgment is necessary before garnishment.

GEM -  See Growing Equity Mortgage.  

General Lien - A lien against all property of a debtor.

Generally Accepted Accounting Principals -  An accounting method used by companies to report their financial information.  

General Plan Restrictions - Restrictions (attached to the grant deed) on the development and usage of all lots within a subdivision.

General Power of Attorney - A broad power given by a principal to an agent that enables the agent to act for the principal.  See Specific Power of Attorney.

General Warranty Deed - A deed where the grantor warrants title as to the claims of all others. 

Gift - A voluntary transfer of property without compensation received in return.  

Gift Deed - A deed given for love and affection.  Creditors of the donor can reach the property if it can be shown that the gift was made while the donor was insolvent in an effort to evade creditors.  A recorded gift deed does not take precedence over a prior unrecorded deed by the grantor for value.

Gift Letter -  A letter or affidavit that indicates that part of a borrower’s down payment is supplied by relatives or friends in the form of a gift and that the gift does not have to be repaid.

Ginnie Mae - See Government National Mortgage Association.

GNMA -  See Government National Mortgage Association.

Good Faith Estimate -  Provides a breakdown of the estimated closing charges.  

Gore - A small triangular piece of land.

Government National Mortgage Association - A government corporation within the Department of Housing and Urban development (HUD) that provides assistance for the purchase of certain Federal Housing administration (FHA) and Veterans Administration (VA) mortgages and guarantees securities backed by pools of mortgage loans.  

Government Survey - The survey system used for most of the nation whereby land is measured from principal base lines and meridians and laid out in townships and sections.

GPM -  See Graduated Payment Mortgage.  

Grace Period - A period allowed for late payments without penalty.

Gradient - The slope, or rate of change in elevation, of a surface, road or pipe.  Gradient is expressed in inches of rise or fall per horizontal linear foot of ascent or descent. 

Graduated Lease - A lease with provisions for changing and varying rental rates according to a time structure and/or other conditions.

Graduated Payment Mortgage - A mortgage in which the monthly payments will generally increase for a set period of time and then reach an amount that remains constant for the rest of the amortization period.  This increasing payment feature can be incorporated into fixed-rate or floating rate loans.  For example, the borrower may agree to make initial monthly payments of $700 that will rise gradually to $900 by the fifth year, where the payment will stay for the remainder of the loan.

Graduated Payment Period -  The time frame during which borrower’s monthly payments cover only part of the actual amount needed to amortize the loan, with the payment obligation increasing annually.  This time period and the specific payment amounts may result in negative amortization if there is no pledged account to supplement the borrower’s payment.

Graduated Payments -  The amount a borrower pays initially covers only part of the actual amount needed to amortize the loan.  Payments increase annually during the firsts few years of the loan and then ultimately level off.  Such payments may result in negative amortization if there is no pledged account to supplement the borrower’s payment.  

Grandfather Clause - A regulation that permits existing conditions or uses to continue despite new laws against them.  Applies to prior use zoning.  

Grant - A transfer of title.

Grant Deed - A deed used in some states in conjunction with title insurance whereby the seller warrants that title has not been conveyed previously and that there is nothing against the property that the sellers knows of that has not been disclosed to the buyer. 

Granting Clause - A deed provision indicating that title is passing.  

Gross Income - The total income before any expenses or deductions. 

Gross Income Multiplier - A figure used as a multiplier of the gross income of a property from all sources to produce an estimate of the property's value.

Gross Lease - See Flat Lease. 

Gross Profit - Gross sales minus the cost of goods sold.

Gross Rent Multiplier - A figure used as a multiplier of the gross rental income of a property to produce an estimate of the property's value.

Gross Rent Multiplier Method - An appraisal variation to get an approximate idea of value, where gross income is multiplied by a gross rent multiplier.  This does not take into account unusual business expenses.

Ground Lease - A land lease only.  The tenant puts in the improvements.

Ground Rent - The portion of the rent attributable to the land rather than to the improvements.

Groundwater - Underground nonflowing water.

Growing Equity Mortgage -  A fixed-rate mortgage that has varying monthly payments.  Principal and interest payments may rise monthly, semi-annually or yearly, depending on the payment schedule agreed upon.  Any extra payments reduce the loan principal and the loan term.  

Guaranteed Loan - When a government agency or other party guarantees a loan, it agrees to reimburse the lender if the borrower fails to pay back the loan as promised.  A loan can be guaranteed for all or a portion of the unpaid principal.  An example is a Veterans Administration (VA) loan to a veteran.  (See Veterans Administration.)