Basic Terms Used for Real Estate & Mortgages
Real estate & loans may involve other terms. In the event you don't understand some of these terms, ask for help from your real estate agent, lender or attorney.
General Warranty Deed
The seller protects the buyer from other requisitions to the title of the property.
Government National Mortgage Association (GNMA, Ginnie Mae)
Branches of a government agency HUD that purchases VA and FHA loans then sells Ginnie Mae securities to investors on Wall street.
Grantee
Buyer named in the deed.
Grantor
Seller named in the deed.
Graduated Payment Mortgage (GPM)
The first few years of the mortgage payments are low then gradually increase until the loan is completely amortized.
Grandfather Clause
A change in the law that conflicts with the previous law. However, under the grandfather clause a business, etc. is still allowed to continue under the previous law set forth.
