Real Estate Terms Glossary: G
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General Warranty Deed
A deed denoting an unlimited guarantee of title.
Ginnie Mae (GNMA)
A nickname for Government National Mortgage Association GNMA) a U.S. government agency that purchases FHA and VA mortgages.
Good Consideration
That which is given in exchange for property or a promise and is based on love and affection or a sense of moral duty; i.e., it has no monetary value.
Good Faith
Bona fide. An act is done in good faith if it is in fact done honestly, whether it be done negligently or not.
Good Faith Estimate
Lender's estimate of borrower's settlement costs, required by RESPA to be furnished to borrower at time of loan application.
Good Will
An intangible, salable asset arising from the reputation of a business.
Government Survey
A system of land description in which large blocks of land are divided into tracts bounded by imaginary lines conforming to the true meridian.
Grandfather Clause
The clause in a law permitting the continuation of a use, business, etc., which, when was permissible but, because of a change in the law is now not permissible.
GRI
Graduate of the Realtors Institute is someone who has undergone an intensive period of detailed training in general real estate transactions, not just residential housing sales.
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