| GARNISHMENT
- A legal process designed to provide a means for creditors to safeguard
for themselves the personal property of a debtor which is in the hands of
a third party ("garnishee").
GENERAL AGENT
- One who is authorized to perform any and all acts associated with the
continued operation of a particular job or a certain business.
GENERAL CONTRACTOR
- A construction specialist who enters into a formal construction contract
with a land owner or master lessee to construct a real estate building or
project.
GENERAL PARTNER
- A co-owner of a partnership who is empowered to enter into contracts on
behalf of the partnership and who is fully liable for all partnership
debts.
GIFT TAX -
A graduated federal tax paid by a donor upon making a gift.
GOOD FAITH
- Bona fide. An act is done in good faith if it is in fact done honestly,
whether it be done negligently or not.
GOOD WILL
- An intangible, salable asset arising from the reputation of a business.
GOVERNMENT SURVEY
- A system of land description in which large blocks of land are
divided into tracts bounded by imaginary lines conforming to the true
meridian.
GRADUATED RENTAL
LEASE - A lease in which the rent payments commence at a fixed,
often low rate, but "step up" or increase at set intervals as
the lease term matures.
GRANDFATHER CLAUSE
- Common expression used to convey the idea that something which
was once permissible continues to be permissible despite changes in the
controlling law.
GRANTEE -
The person who receives from the grantor a grant of real property.
GRANTOR -
The person transferring title to, or an interest in, real property. A
grantor must be competent to convey; thus, for example, an insane person
cannot convey title to real property.
GROSS AREA -
The total floor area of a building measured from the exterior of the walls
(excluding those unenclosed).
GROSS INCOME
MULTIPLIER - A useful rule of thumb to estimate market value of
income producing residential property. The multiplier is derived by using
comparable sales divided by the actual or estimated monthly rentals and
arriving at an acceptable average.
GROSS LEASE -
A lease of property under which the lessee pays a fixed rent, and the
lessor pays the taxes, insurance, and other charges regularly incurred
through ownership.
GUARDIAN -
One who is given the lawful custody and care of another(called a ward).
|
