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GABLE - Uppermost portion of the end wall of a building that comes to a triangular point under a sloping roof.

GENERAL CONDITIONS - A catch-all general contractor term used in bidding which covers the cost of items such as insurance, supervision, per diem, dumpsters, temporary items (i.e., barricade, fencing, rentals) and utilities.

GENERAL CONTRACTOR - An individual or company that coordinates all construction work, oversees the construction process and hires and pays all sub-contractors.

GENERAL LIEN - A lien on all the property of a debtor.

GEOCODING - The process of assigning a latitude and longitude coordinate to a street address.

GFI or GFCI (Ground Fault Circuit Interrupters) - Special devices capable of opening a circuit when even a small amount of current is flowing through the grounding system.

GIFT DEED - A deed which the consideration is love and affection and where there is not material consideration.

GINNE MAE – See: GOVERNMENT NATIONAL MORTGAGE ASSOCIATION.

GIRDER - Beam, especially a long, heavy one; the main beam supporting floor joists or other smaller beams.

GIS (Geographic Information System) - A computer software system with which spatial information may be captured, stored, analyzed, displayed and retrieved.

GLAZING - (n) A generic term used to describe an infill material such as glass, panels, etc. (v) the process of installing an infill material into a prepared opening in windows, door panels, partitions, etc.

GLAZING BEAD - In glazing, a strip surrounding the edge of the glass in a window or door which holds the glass in place.

GLAZING CHANNEL - In glazing, a three-sided, U-shaped sash detail into which a glass product is installed and retained.

GNMA – See: GOVERNMENT NATIONAL MORTGAGE ASSOCIATION.

GOOD FAITH - Having honest intentions when entering into a contract.

GOOD FAITH ESTIMATE – A statement required by the 1974 Real Estate Settlement Procedures Act (RESPA) disclosing all costs involved in closing on a loan and/or property. It must be given to borrowers within three (3) days of application.
(For more information: www.hud.gov/offices/hsg/sfh/res/respa_hm.cfm)

GOOD GUY GUARANTEE - A written promise by one or more of the principals of a business or corporation to personally guaranty the lease, with that guarantee expiring upon delivery of possession, along with any rent owed (including any security deposit) up to that date under the lease.

GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA or Ginnie Mae) - Ginnie Mae helps make affordable housing a reality for millions of low- and moderate-income households across America by channeling global capital into the nation's housing markets. Specifically, the Ginnie Mae guaranty allows mortgage lenders to obtain a better price for their mortgage loans in the secondary market. The lenders can then use the proceeds to make new mortgage loans available. Ginnie Mae does not buy or sell loans or issue mortgage-backed securities (MBS). (For more details please see: www.ginniemae.gov/).

GRANDFATHERED - A clause in a statute or zoning ordinance, which permits the operator of a business or a land-owner to be exempt from restrictions on a use if the business or property continues to be used as it was when the law was first adopted.  (For example: A township passes an ordinance that does not permit retail businesses in a particular zone.
In most cases  a retail store could continue to operate in the area, even with new owners. If, however, the premises stop being used as a retail outlet, then the grandfather clause may lapse after a specific period of time).

GRADUATED LEASE – A lease that provides for a varying rental rate. Increases are often based upon future determination of Fair Market Value. Sometimes rent increases are based upon results of periodical appraisals or attached to the Consumer Price Index (CPI).

GRADUATED PAYMENT MORTGAGE – Regularly scheduled payment increases on a loan.

GREASE TRAP - A device that captures grease before it reaches the sewer lines. Usually used in commercial applications such as restaurants or cafeterias

GRILL – A horizontal and/or vertical strip of wood or other material that separates, or gives the appearance of separating, pieces of glass; also known as a Muntin or Mullion.

 

GROSS LEASE - A type of lease that as all-inclusive. The tenant pays rent; the owner pays all other expenses related to the property (Taxes, Insurance, etc).

GROSS MONTHLY INCOME – (GMI) – Annual income before taxes and other payroll deductions divided by 12.

GROSS SQUARE FOOTAGE – The total square footage of a particular space, building, or property as measured from the exterior of the building.

 

GROUND CLEARENCE – Generally, it’s the distance between the ground surface and the underside of a sign, soffit, marquee, etc; also, referred to as: “Clearance”.

 

GROUND WATER SOURCE - Water from an underground well is being used as the heat source or heat sink for a heat pump.

GUARANTEE - A written assurance promising the fulfillment of a condition.

GUARDIAN - One appointed by the court to administer the affairs of an individual not capable of administering his own affairs, e.g. a minor.

GUARANTOR – An individual or corporation that guarantees the fulfillment of a promise of another.

GUSSET - Wood or metal plate riveted, bolted, glued or pressed (wood trusses) over joints to transfer stresses between connected members.

Gusset illustration

 

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