Genesis Associates Mortgage Definitions "G" (866) 410.4410

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Definitions of Mortgage Terms

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Gale Date - In mortgaging, the date on which interest is charged or compounded on the loan.

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

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 Income (Single Family) - The total annual personal income before deductions used in the calculation of an applicant's debt service ratios.

Gross Lease - A lease that provides that all expenses attributable to the real estate are paid by the landlord. According to local terminology, leases may require some expense to be paid by the tenant.

Gross Leasable Area - The total floor area designed for tenant occupancy and exclusive use and that area on which tenants pay rent. As adopted by the shopping centre industry, it is measured from the centre line of joint partitions and from outside wall faces. This will not include common areas.

Ground Lease - Contract for the rental of land usually for a long term.

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

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z