REAL ESTATE AND MORTGAGE TERMS:  G

General Lien

A lien such as a tax lien or judgment lien, which attaches to all property of the debtor rather than the lien of, for example, a trust deed, which attaches only to a specific property.

General Warranty Deed

A deed which conveys not only all the grantor's interests in and title to the property to the grantee, but also warrants that if the title is defective or has a "cloud" on it (such as mortgage claims, tax liens, title claims, judgments, or mechanic's liens against it) the grantee may hold the grantor liable.

Government National Mortgage Association (GNMA/Ginnie Mae))

A government owned agency that acts as a secondary market conduit for FHA and VA loans. GNMA guarantees the timely principal and interest payments to investors.

Grandfather Clause

The clause in a law permitting the continuation of a use, business, etc., which was permissible but because of a change in the law is now no longer permissible.

Ground Rent

Rent paid for vacant land. If the property is improved, ground rent is the portion attributable to the land only.

Grantee

The buyer, who receives a deed.

Grantor

The seller, who gives a deed.

GLOSSARY:

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