GENERAL CONTRACTOR

The central figure in most construction pyramids, the person hired by the owner to plan and oversee the entire job. Often hires subcontractors who specialize in the various trades required for the job (i.e. plumbers, electricians, framers, carpenters, etc.).

GINNIE MAC (GNMA)

Government National Mortgage Association. Assistance in obtaining purchase mortgages.

GOOD AND MARKETABLE TITLE

Ownership of a property which is free of competing claims and interests.

GOOD FAITH ESTIMATES

A written statement of the anticipated costs of completing a loan transaction which must be provided by a lender to a borrower within 72 hours of the submission of the loan application.

GOOD FAITH

A term to describe a party's legitimate and honest efforts to meet her obligations in a given situation.

GOVERNMENT LOAN

A loan that is insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA) or the Rural Housing Service (RHS). Contrast with conventional loan.

GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA OR GINNIE MAE)

A government-owned corporation within the U.S. Department of Housing and Urban Development (HUD). Created by Congress on September 1, 1968 , GNMA assumed responsibility for the special assistance loan programs formerly administered by Fannie Mae.

GOVERNMENT RECTANGULAR SURVEY

A system of land description which uses meridians (north and south lines) and base lines (east and west lines). Areas include quadrangles (24 miles on each side), townships (6 miles on each side), and sections (1 mile on each side). Also known as the Rectangular Survey Method. Contrast with Metes and Bounds , and Recorded Plat ( Lot and Block Number) method.

GRANDFATHER CLAUSE

A provision in a law that ensures that the law is not retroactive, that it does not render a previously legal thing illegal. For example, a new zoning by-law requiring all houses to be at least five feet from the side lot line would not render illegal a 20-year-old house that stands three feet from the side lot line. The property would be described as "legal non-conforming".

GRANTEE

The person to whom an interest in real property is conveyed (e.g. the buyer).

GRANTOR

The person who conveys an interest in real property (e.g. the seller).

GROSS MONTHLY INCOME

Normal annual income including overtime that is regular or guaranteed. The before taxes income may be from more than one source. Salary is generally the principal source, but other income may qualify if it is significant and stable.

GROUND RENT

The amount of money that is paid for the use of land when title to a property is held as a leasehold estate rather than as a fee simple estate.

GROUP HOME

A single-family residential structure designed or adapted for occupancy by unrelated developmentally disabled persons. The structure provides long-term housing and support services that are residential in nature.

GUARANTEE

1. An enforceable warranty on the continuing usefulness of a product.
2. An agreement by a third party to a loan transaction to join in the transaction and to be held liable for the moneys secured by the loan instrument should the principal debtor fail to pay.

GUARANTEE MORTGAGE

A land loan that has a third party added to provide added assurance that the obligations under the loan will be met.

GUARANTY FEE

Fannie Mae's fee for insuring a mortgage