|
General contractor: The prime contractor who contracts for the
construction of an entire building or project, rather than just a portion of
the work. The general contractor hires subcontractors, coordinates all work
and is responsible for payment to subcontractors.
General Warranty Deed The
type of deed considered to provide the most protection to an owner, since
the seller guarantees that he or she is the true owner of the property and
that no claim will be brought against the
property.
|
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.
Graduated Payment Mortgage: 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.
|
Grant: To bestow or transfer an interest in real property by deed or
other instrument
Grantee: One to whom a grant is made (buyer)
Grantor: The person making the grant (seller)
Guarantor: One who makes a guaranty
Guaranty: Agreement whereby the guarantor assures satisfaction of the
debt of another or performs the obligation of another if and when the debtor
fails to do so
|
