Real Estate Glossary G

G

Gated Community

In its modern form, a gated community is a form of residential community containing controlled entrances for pedestrians, bicycles, and automobiles, and sometimes characterized by a closed perimeter of walls and fences. Gated communities usually consist of small residential streets and include various amenities.

Gazebo

A gazebo is a pavilion structure, often octagonal, commonly found in parks, gardens, and spacious public areas. Gazebos are freestanding, or attached to a garden wall, roofed, and open on all sides; they provide shade, basic shelter, ornamental features in a landscape, and a place to rest. Some gazebos in public parks are large enough to serve as bandstands.

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.

grantee

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

grantor

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

gross monthly income

Normal monthly income includes 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.