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- Gable A triangular wall
enclosed by the sloping ends of a ridged
roof or a triangular decorative feature.
- Gable roof A ridged roof that
forms a triangle at each end.
- Gag rules A provision in
contracts signed by new buyers that
prohibits the owners from publicizing
complaints about the builder.
- Gambrel roof A roof with two
slopes, often seen on barns.
- General contractor The person
who hires all of the subcontractors and
suppliers for a project.
- General plan A government's
long-range land-use plan.
- Georgian style Popular
throughout the 18th century, this type of
architecture is distinguished by a
symmetrical facade, prominent front entrance
and quoins-decorative blocks of masonry or
wood set in the corners of the house.
- Geodesic dome A structure
constructed of lightweight bars forming a
grid of polygons.
- Gift A cash gift a buyer
receives from a relative or other source.
Lenders usually require a "gift letter"
stating that the money will not have to be
repaid.
- Gingerbread decoration An
intricate, almost lacy, wood trim.
- Girders Crossbeams that support
floor joists.
- Good-faith estimate An estimate
from an institutional lender that shows the
costs a borrower will incur, including
loan-processing charges and inspection fees.
- Government National Mortgage
Association Commonly known as Ginnie
Mae, this agency buys home loans from
lenders, pools them with other loans and
sells shares to investors. Ginnie Mae
differs from its cousins, Fannie Mae and
Freddie Mac, in that it only purchases loans
backed by the federal government.
- Grace period A specified amount
of time to make a loan payment after its due
date without penalty.
- Grade The elevation of land
above level ground.
- Graduated-payment mortgage (GPM) A
mortgage that requires a borrower to make
larger monthly payments over the term of the
loan. The payment is unusually low for the
first few years but gradually rises until
year three or five, then remains fixed.
- Grade level The flat or sloping
surface upon which a house is built.
- Granny flat Slang term for a
separate unit in a house or above the
garage, which in the past may have been
occupied by an elderly relative.
- Grantee A person conveyed an
interest in a piece of property.
- Grantor The person who conveys
an interest in a piece of property to
another person.
- Greek Revival style A style
introduced in the U.S. at the end of the
18th century. Its most prominent feature is
a pillar-anchored pediment forming a portico
in the front of the house.
- Greenbelt Any stretch of park,
open space or other natural setting in a
community.
- Gross income The total income
of a household before taxes or expenses are
subtracted.
- Ground fault circuit interrupter Devices
that detect leakage of electrical current to
the ground and prevent accidental shock.
- Ground rent The amount of money
paid for the use of a piece of property when
it is a leasehold estate.
- Group home A single-family
residence used as a living space for
unrelated, developmentally disabled or
mentally disabled people.
- Growing-equity mortgage A fixed
rate mortgage that increases payments over a
specific period of time. The extra funds are
applied to the principal.
- Guarantee mortgage A loan
guaranteed by a third party, such as a
government institution.
- Gutters Horizontal channels
installed at the edge of a roof to carry
rainwater or melted snow away from the
house and foundation.
Answer's to your questions or
concerns,
Call 248 684-9000 or
E-Mail us for further assistance
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1999-Present ©
Michigan Real Estate Today™
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