*gire* Georgia Real Estate Words G_L

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General agent

Back 1

One who has authority to bind his/her principal in a particular business.

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General lien

Back 2

A lien against all of the property owned by the debtor.

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General taxes

Back 3

See ad valorem taxes.

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General warranty deed

Back 4

A deed which offers the most comprehensive title protection of any deed. The grantor fully warrants good title to the property through the expressed or implied covenant of seizing covenant against encumbrances; covenant of quiet enjoyment; covenant of warranty forever; and the covenant of further assurances. The covenants apply to defects occurring at any time before title is conveyed by the grantor.

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Genuine assent

Back 5

An essential element of a contract which requires that all parties enter into the contract under their own free will absent of fraud; misrepresentation; duress; menace; or undue influence.

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Georgia Administrative Procedures Act

Back 6

A state law which requires administrative bodies such as the Georgia Real Estate Commission to follow certain procedures in its investigative process and before exercising its disciplinary powers. For example; before the Commission can impose a sanction against a license; the licensee must be given a hearing.

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Gift deed

Back 7

A deed in which the consideration is love and affection. Such deeds are normally used to make a gift of real property to a relative or friend. Sometimes called a voluntary deed.

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Ginnie Mae

Back 8

Government National Mortgage Association (GNMA) was established in order to buy special assistance mortgages carrying below market interest rates. GNMA is a government agency under HUD and deals only in VA and FHA mortgages (see Pass Through Securities).

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Good consideration

Back 9

Something without monetary value; love and affection.

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Good faith estimate

Back 10

A RESPA required estimate of all settlement charges to be assessed against the borrower at closing. The lender must provide this estimate at the time of loan application or within three business days.

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Government survey system

Back 11

See rectangular survey system.

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Graduated lease

Back 12

Any lease which provides for rental changes in the future.

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Graduated Payment Mortgage (GPM)

Back 13

A mortgage loan which provides for reduced payments in the first five to ten years in exchange for higher than usual payments which then remain fixed for the balance of the loan term.

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Grant deed

Back 14

"A deed in which the covenant of seizin and covenant against encumbrances are implied by statute when the word ""grant"" is used in the words of conveyance. Used in some states instead of a warranty deed."

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Grantee

Back 15

A person who receives the grantor's interest in real property by deed.

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Granting clause

Back 16

"A deed provision whereby the grantor clearly expresses the intent to make a present conveyance to the grantee also called ""words of conveyance""."

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Granting clause in a mortgage

Back 17

In title theory states; this provision makes the mortgage an outright conveyance of title to the lender.

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Grantor

Back 18

A person or legal entity that conveys an interest in real property by deed.

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Grantor-grantee index

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A public recording system which lists alphabetically all grantors and grantees named in documents recorded for each calendar year. A separate index book is maintained for grantors and grantees so the book and page number of a document can be located by searching under either name.

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Gross lease

Back 20

Also called flat lease or straight lease. The tenant pays a fixed amount at specified intervals. The landlord pays all expenses associated with owning the leased premises.

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Gross rent multiplier

Back 21

A number that; when multiplied by a property's estimated gross rent; produces an indication of the property's value.

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Ground lease

Back 22

A long-term; net lease of unimproved land with permission for the tenant to make improvements.

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Guardian

Back 23

One appointed by a court to take care of and manage property and affairs of another person judged legally incompetent.

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Guardian's deed

Back 24

A deed executed by a court-appointed guardian to convey title to property owned by a minor; insane person; or the aged.

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Habendum clause

Back 25

A deed provision which defines the extent of ownership rights granted; such as a life estate; a fee simple estate; or an easement. Usually part of the granting clause.

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Highest and best use

Back 26

That use of a property which will yield the greatest return on the property or greatest current value; the most profitable use to which a property is adapted.

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Holder in due course

Back 27

One who; in good faith and without notice of defect; pays valuable consideration to receive a note before it is due.

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Holdover tenant

Back 28

A tenant who remains in possession of leased premises after the right of possession has ended. The possession may be with or without the landlord's consent.

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Holographic will

Back 29

A will written; dated; and signed in the testator's handwriting which need not be witnessed.

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Homestead exemption

Back 30

An ad valorem tax reduction for persons who own the home they occupy.

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Homestead protection

Back 31

A right which protects a portion of a family's primary residence in the event a creditor forces a sale to satisfy an outstanding debt. The amount of protection is determined by state law.

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Hypothecation

Back 32

The borrower's retaining possession of property pledged as security for a mortgage loan.

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Implied authority

Back 33

Authority of an agent arising from custom rather than expressed agreement.

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Implied contract

Back 34

A contract in which the promises are not expressed but manifested by the conduct of the parties.

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Implied warranty of habitability

Back 35

The landlord's implied duty to keep a dwelling unit at a minimum level of livability.

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Impounds

Back 36

A property owner's monthly payment of taxes and insurance into an escrow account maintained by the lender who holds the mortgage. The funds are set aside to pay the tax bill and insurance premium when they become due.

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Improvement

Back 37

Any permanent; man-made attachment to the land; such as buildings; fences; roads; or pipelines. Also known as artificial attachment.

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Improvement district

Back 38

An area designed to benefit from certain improvements for which the property owners will be levied a special assessment.

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Inactive license

Back 39

Status of a licensee temporarily unemployed; or who has otherwise ceased his/her active involvement in the real estate business on behalf of a broker. During such time; the license is held by the Commission and may remain there indefinitely; but must be renewed and fees must be paid the same as active licensees.

Front 40

Incapacity

Back 40

See incompetent.

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Inchoate dower

Back 41

A wife's interest in her husband's property while he is stilt living.

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Income approach

Back 42

One of three approaches to value; it converts the property's net operating income into an indication of value; also called capitalization.

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Incompetent

Back 43

One who is not legally capable of entering into a binding contract due to age; insanity; or other causes.

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Incorporeal

Back 44

An intangible interest in land; such as an easement.

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Incurable depreciation

Back 45

Items of economic obsolescence (sometimes physical deterioration or functional obsolescence) which are beyond the owner's control or which cannot be justified by the anticipated increase in value; not economically feasible to correct.

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Independent contractor

Back 46

One who contracts to do work according to his/her own methods and is responsible to his/her employer only as to the results of that work. The employment relationship with salespersons used most often by a broker.

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Index lease

Back 47

One which requires that rent be adjusted up or down periodically based upon changes in a designated index; such as the Consumer Price Index.

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Infant

Back 48

See minor.

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Ingress

Back 49

Access to a parcel of land.

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Inheritance tax

Back 50

Tax on property received by will or by inheritance through the probate court; when there was no will.

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Injunction

Back 51

Court order requiring a person to whom it is directed to do or refrain from doing a particular thing. A legal recourse that may be taken against one who violates a restrictive covenant in a lease or deed.

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Innocent misrepresentation

Back 52

Misstatements of fact made without the intent to deceive and without a breach of duty.

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Installment land contract

Back 53

See land contract.

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Interest

Back 54

The amount paid or accrued in return for the use of money.

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Interpleader

Back 55

A legal action that can be taken by a broker to settle an earnest money dispute by paying the funds into court. The court will determine how the funds are to be disbursed.

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Intestate

Back 56

To die without a will or having left an invalid will.

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Involuntary alienation

Back 57

A transfer of title to real property without the owner's consent.

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Involuntary lien

Back 58

A lien permitted by law and recorded without the landowner's consent. The lien may affect only one particular property; such as a mechanic's lien; or it may affect all of the debtor's property; such as a judgment lien. Also known as a statutory lien.

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Jointly and severally liable

Back 59

Where more than one person signs a note; they are not only liable for their proportionate share; but each is responsible for the entire debt.

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Jones vs. Mayer

Back 60

A landmark discrimination case in which the U.S. Supreme Court in August; 1968 upheld the Civil Rights Act of 1866 in its ruling that discrimination on racial ground is unlawful.

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Judgment

Back 61

A court's official decision regarding the rights and claims of the parties in a lawsuit. A judgment in a suit for damages is the amount of indebtedness set by the court.

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Judgment lien

Back 62

A creditor's legal claim on all of the judgment debtor's property located in the county where the judgment is recorded. The lien enables the creditor to have the property sold to satisfy a debt.

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Judicial foreclosure

Back 63

Legal proceeding where a lender files a lawsuit against a defaulting borrower in order to force the sale of property held as collateral.

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Junior mortgage

Back 64

Any mortgage recorded after the first mortgage.

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Key lot

Back 65

One that joins the rear of a corner lot. For residential use; such lots are not desirable because of the view of the neighbor's back yard. For commercial use; a key lot can be advantageous because of its importance in an attempt to assemble several lots under one ownership (assemblage).

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Kickbacks

Back 66

The practice of accepting fees for referrals without providing an actual service.

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Kicker

Back 67

The equity return received by a partner who is also the lender.

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Kiting

Back 68

See falsifying contracts.

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Land

Back 69

An area which starts at the center of the earth; passes through the earth's surface; and extends on into space.

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Land contract

Back 70

Also known as installment contract; installment land contract; or contract for deed. A contract in which the buyer typically makes a small downpayment; takes possession; pays the taxes; and makes installment payments of principal and interest to the seller until the purchase price is paid in full. The seller retains title until the buyer has paid all installments and otherwise performed under the contract.

Front 71

Landlocked

Back 71

Land which has no means of access except over neighboring land.

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Landlord

Back 72

One who leases real property to another. Also called lessor.

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Land-use districts

Back 73

Areas in a community which are classified (zoned) according to their intended use; such as residential; commercial; and industrial.

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Lashes

Back 74

Undue delay or failure to exercise one's legal right; resulting in the loss of the ability to exercise the right.

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Last will and testament

Back 75

A person's written or oral declaration of arrangements to be made for the disposition of real and/or personal property owned at the time of death.

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Latent defect

Back 76

Defects not readily apparent from an ordinary inspection of the property. Concealed defects that affect the value of the property and must be disclosed by the seller and broker (when known or apparent to them) to third parties.

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Law of agency

Back 77

That body of law that governs the relationship between principal; agent and third parties.

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Law of capture

Back 78

The law which allows a well drilled on one property to extract oil or gas reserves from adjoining properties.

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Laws of descent and distribution

Back 79

State laws which transfer property to the heirs of a person who dies without leaving a valid will.

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Laws of succession

Back 80

See laws of descent and distribution.

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Lease

Back 81

A contract which also conveys an estate by granting one person the exclusive right to temporarily use the property of another; and at the same time specifies the rights and obligations of the parties. A lease is the personal property of the lessee.

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Leased fee estate

Back 82

The landlord's estate in property leased to another.

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Leasehold estate

Back 83

A tenant's rights in real property granted by a lease.

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Leasehold improvements

Back 84

Improvements made to leased premises by the tenant.

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Legacy

Back 85

A gift of personal property by will. A bequest.

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Legal capacity

Back 86

Legal ability to form a contract.

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Legal description

Back 87

A description of land legally sufficient to distinguish it from all other parcels.

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Legal life estate

Back 88

A life estate created by state law; the holder of which has a nonpossessory interest in real property. Legal life estates include dower; courtesy; and homestead protection.

Front 89

Legates

Back 89

A person who receives a gift of personal property by will.

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Legatos

Back 90

A person who disposes of personal property.

Front 91

Lessee

Back 91

See tenant.

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Lesser estate

Back 92

An estate created when an owner of property conveys part of his/her rights to another.

Front 93

Lessor

Back 93

See landlord.

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License

Back 94

An owner's permission for another to use the land for a specific purpose. The permission does not grant a right in the land but a personal privilege; which is neither transferable nor inheritable and may be terminated by either party.

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Lien

Back 95

A monetary claim against real estate which serves as security for a debt.

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Lien theory

Back 96

The legal position adopted by some states; holding that a mortgage only creates a lien rather than conveying title to the lender.

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Life estate

Back 97

A freehold estate (i.e.; ownership interest in real property). The indefinite duration of the estate is measured by the life of some person. Also called conventional life estate.

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Life estate put autre vie

Back 98

A life estate whose duration is measured by the life of someone other than the life tenant.

Front 99

Life tenant

Back 99

One to whom a life estate is granted; the owner of the estate.

Front 100

"Limited agent under ""BRRETA"" "

Back 100

A limited agent is a broker acting under a brokerage engagement agreement who solicits offers to purchase; sell; lease or exchange real property without being subject to the control of the client except as to the result of the work. Since real estate covers so many areas in which the broker may be held liable; the General Assembly has attempted to limit liability to specifically the result of the work being performed by the broker.

Front 101

Limited warranty deed

Back 101

See special warranty deed.

Front 102

Liquidated damages

Back 102

A sum of money specified in a contract as compensation to be paid to one of the parties if the other defaults.

Front 103

Lis pendens

Back 103

Legal notice that a lawsuit is pending; and the outcome could affect the title to certain real estate.

Front 104

Listing agreement

Back 104

A contract of employment between a property owner and a broker who authorizes the latter to find a buyer who is ready; willing and able to purchase the property according to the owner's terms.

Front 105

Littoral rights

Back 105

A landowner's lawful claim to use and enjoy the water of a large lake or ocean bordering the owned property.

Front 106

Loan deed

Back 106

See security deed.

Front 107

Loan discount

Back 107

Prepaid interest paid to a lender at the time a loan is made. The fee is charged to increase the yield because the interest rate on the loan is less than the lender could earn from similar investments.

Front 108

Loan servicing

Back 108

The lender's administrative duties after a loan is placed; for instance; mailing out bills; keeping records of loan payments; maintaining escrow accounts; making payments for taxes and insurance; and sending out delinquent notices.

Front 109

Loan transfer fee

Back 109

A charge for changing the lender's records when a buyer takes over the seller's existing loan.

Front 110

Loan-to-value ratio

Back 110

The percentage relationship between the amount of loan and the value of the property pledged as security. For example; a property valued at $100;000 with an $80;000 loan has an 80% loan-to-value ratio. ($80;000 / $100;000 = 80%)

Front 111

Lock-in clause

Back 111

Mortgage provision which prevents the loan from being paid off early.