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Gale Date |
1) In mortgaging, the date on which interest is charged or compounded on the loan; 2) In leasing, the date on which rent is due. |
Gap Financing |
An interim loan given to finance the difference between the floor loan and the maximum permanent loan as committed. |
Garnishment |
A proceeding that applies specified monies, wages, or property to a debt or creditor by proper statutory process against the debtor. |
General Mortgage Bond |
A bond which is secured by a blanket mortgage on the company's property, but which is usually outranked by one or more other mortgages. |
Giving in Payment (Quebec) |
Also called Dation en Paiement. See Quit Claim. |
Graduated Payment Mortgage |
In this type of mortgage, initial payments of principal and interest are less than the equal payments on an equivalent loan but increase by fixed percentage each year until they reach a level sufficient without further increase, to repay the outstanding balance of the loan within the remainder of the amortization period. |
Grant |
A technical term used in deeds of conveyance to indicate a transfer of an interest or estate in land. |
Grantee |
The party to whom an interest in real property is conveyed (the buyer). |
Grantor |
The person who conveys an interest in real estate by deed (the sellor). |
Gross Area |
The total floor area of a building, except that of unenclosed areas, measured from the outside of the exterior walls. |
Gross Debt Service Ratio (Single Family) |
The ratio of an amount equal to the acceptable mortgage charges to an amount equal to the effective gross annual income of the borrower. |
Gross Income (Income Property) |
The annual income from a property, fully occupied and before any deductions. |
Gross Lease |
A lease which provides that all expenses attributable to the real estate are paid by the landlord. Local terminology may require some expense to be paid by the tenant. |
Gross Leasable Area |
The total floor area designed for tenant occupancy and exclusive use and is that area on which tenants pay rent. As adopted by the shopping centre industry it is measured from the centre line of joint partitions and from outside wall faces. |
Ground Lease |
Contract for the rental of land usually for a long term. |
Guarantor |
One who promises to pay a debt or perform an obligation contracted by another in the event that the original obligor fails to pay to perform as contracted. |
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