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Mortgage Dictionary

"G"

Gale Date (for = Mortgages)


The date on which interest is charged or compounded on the loan.

Garnishment


The legal attachment of a debtor's wages, cash flow or assets by creditors. The party served with notice must comply with the Garnishee Order and forward funds to the creditor(s) named.

Genuine Consent


For genuine consent both parties must have a clear understanding of the details of the contract in question. Lack of genuine consent can void an agreement.

Good Title


A proof of ownership that is free of any legal holds or claims.

Grant


Technical term used in deeds of conveyance to indicate a transfer of an interest or estate in land.

Grantee


The party to whom an interest in real property is conveyed (the buyer).

Grantor


The person who conveys an interest in real estate by deed (the seller).

Gross Area


The total floor area of a building, measured from the outside of the exterior walls.

Gross Debt Service Ratio - GDS -


The percentage of the borrower's income that is needed to make all payments for costs associated with housing. There is a maximum amount associated with this ratio to ensure that borrowers can afford to carry the debt.

Gross Income (Single Family)


The total annual personal income before deductions used in the calculation of an applicant's debt service ratios.

Gross Leasable Area


The total floor area designed for tenant occupancy and exclusive use and that area on which tenants pay rent. This does not include common areas.

Gross Profit(Income Statement)


Total revenue of a business minus the cost of goods it sold.

Ground Lease


Contract for the rental of land, usually for a long term.

Group Insurance


A type of insurance plan in which premiums are set for a large group as a whole, as opposed to individual premiums set on personal characteristics. All mortgage creditor insurance plans are group insurance plans.

Guarantor


One who promises to pay a debt or perform an obligation contracted by another in the event the original borrower fails to pay or to perform as contracted.

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