REAL ESTATE DICTIONARY - 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.
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