Protecting Pennsylvania Property Since 1984
G
| Gain - The amount obtained for a property minus the property's adjusted basis and transaction costs. No matter what the adjusted basis of a property is, there is no gain until the property is transferred. (See also realized gain, recognized gain.) |
General warranty deed - A deed containing a covenant by the seller to protect the buyer against being dispossessed due to adverse claims against the land. |
Ginnie Mae (GNMA) - Government National Mortgage Association. A federal association working with the FHA that offers special assistance in obtaining mortgages and purchasing mortgages in the secondary market. |
Good faith - (1) Honest intent, or (2) without notice of any circumstance that would make a party suspect wrongdoing or fraud in a transaction. |
Good faith estimate - The Real Estate Settlement Procedures Act (RESPA) requires creditors to provide a good faith estimate of closing costs and a settlement statement listing the amounts paid by the consumer. If the creditor does not know the precise credit terms, the creditor must base the disclosures on the best information reasonably available and indicate that the disclosures are estimates. See also RESPA. |
Graduated payment mortgage - A mortgage securing a loan where the initial monthly payments on the loan are insufficient to satisfy interest payments at the stated interest rate and payments increase in accordance to a schedule. See also adjustable rate mortgage. |
Grant - A transfer or conveyance, implying that the transferor asserts that it has some title to something conveyed. |
Grantee - The buyer, or one to whom property is transferred. |
Grantor - The seller, or one who transfers property to another. |
Guaranty policy - A title insurance policy that insures only against defects of title appearing in the public records. |
