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Gable
A gable is a triangular wall that is enclosed by the sloping ends of a ridged roof; the word may also simply refer to a triangular decorative feature. The exact shape of a gable, whether characterized by steep sides or shaped with a more subtle slope, depends on the physical structure of a building, specifically that of the roof. Roofs, and thus gables, rely for their shape at least in part on the material used, the architectural type of the building, and other construction factors. Some gables are decorative, adorned or inscribed in some way to enhance the overall aesthetic appearance of a home´s exterior near its roof line.
Gable roof
A gable roof is a ridged roof, sloping down from a central ridge, that forms a triangle at each end; the area of a building´s exterior walls that is immediately adjacent to the roof is known as a gable. Because of its triangular shape and sloping sides, a gable roof allows rain, snow, and debris to run easily off of a roof onto the ground, thus making it a popular choice in regions where precipitation is frequent and/or heavy. A variation on a simple gable roof is a cross-gable roof, with an additional roof section that forms a second gable.
Gag rules
Gag rules are provisions in real estate contracts, signed by purchasers of new construction property, which prohibit the homeowners from publicizing complaints about the builder. The idea behind gag rules is to protect the reputation of a builder. Some complaints about a builder may be warranted, while others are unreasonable; gag rules are designed to shield builders from unreasonable home buyers who seek retribution for even small mishaps (or sometimes for no reason at all) by making complaints about the builder, genuine or not, public. A buyer´s signed acceptance of a gag rule is in effect a waiver of his or her right to complain publicly about the builder´s performance.
Gambrel roof
A gambrel roof is a roof with two slopes on each side, the lower slope being steeper than the upper slope, which meets the upper slope of the other side to form a top ridge. Gambrel roofs are commonly found on barns or farmhouses designed to resemble barn construction. They are usually perfectly symmetrical with both the upper slope and the lower slope on each side being the same size and having the same incline as its match on the other side. The sloped shape of a gambrel roof allows for easy runoff of rain, snow, and debris. In addition, the shape maximizes the amount of space available on the upper level of a structure´s interior.
General contractor
A general contractor is the person in the process of new home construction who is responsible for the hiring of all of subcontractors and suppliers for the construction project, as well as for overseeing the building process generally. General contractors hire the people who do the work on a house, including electricians, foundation layers, and so on; they obtain any necessary permits or licenses associated with the construction; and they ensure that all work is done correctly, safely, according to law, and in a timely fashion to accommodate the requirements of the home buyer. The general contractor also is the liaison between the homebuyer and all people working on a house.
General plan
A general plan is the government's long-range plan for land use in a given area; a general plan may be the product of the federal government and applicable nationwide, of state government for planning state development, or of local government for purposes of planning the development of a municipality. The general plan for a city is like a blueprint describing the city´s officials´ intentions with respect to zoning and other land-use related issues, including locations of residential neighborhoods, green spaces, commercial districts, and industrial areas. General plans may be altered quite frequently as circumstances, including finances and population, change; variations in general plans occur more frequently with respect to small-scale plans (such as cities).
Geodesic dome
A geodesic dome is a nearly-spherical structure constructed from lightweight bars, which forms a grid of polygons (multi-sided figures). The greater the size of a geodesic dome, the stronger the structure is. Geodesic domes are rare structures, primarily because they are complicated to design and construct-the structures require intricate planning and mathematical calculation due to their unique shape, and subsequently careful erection to precisely fit the design requirements. As a result of the intense planning and construction process, geodesic domes are expensive structures. One of the most famous such domes is at Epcot Center in Disney World, in Florida.
Georgian style
Georgian style refers to a style of architecture that is characterized by a highly symmetrical façade, thought to be more aesthetically pleasing, as well as prominent front entry doors and quoins (decorative blocks of masonry or wood stacked in interior corners of a home). The Georgian style was especially popular in the 18th and early 19th century. True Georgian houses are distinguished by their perfect symmetry; traditional layouts are two rooms across and two rooms deep, with identical exterior detailing on either side of a house and a chimney, if any, typically located so as to rise from the center of the roof.
Gift
With respect to real estate transactions, a gift is cash received from a home buyer from a relative or other source to assist in the purchase of real property. When a buyer uses gift money to purchase a home (or, usually, to make a down payment on a home), a lending institution will normally require him or her to produce a "gift letter" from the person making the cash gift, signed and stating that the home purchaser will not be required to repay the money to the giver. The gift letter provides assurance to the lending institution that the money given will not be recalled.
Gingerbread decoration
Gingerbread decoration refers to architectural detail consisting of highly intricate wood trim, often described as "lacy," in reference to the resemblance such trim bears to delicate lace patterns. Gingerbread decoration was popular on homes from the Victorian period, the mid- to late-19th century; these homes generally were constructed and decorated in a highly elegant and ornate fashion. Original gingerbread decoration required, and still does, a lot of time and effort, as well as a high degree of skill, patience, and attention to detail. However, in modern times gingerbread-like trim is available prefabricated for addition to a home, a more affordable option than hand-carved gingerbread decoration.
Girders
Girders are crossbeams that support the floor joists of a home. Most floors are built so that they are raised slightly above ground level, for reasons which include improved circulation, protection against potentially damaging ground moisture, and ease of access to insulation, plumbing, electrical wiring, and mechanical equipment. A raised floor is constructed so that it rests on a series of beams running from wall to wall; girders provide support to the foundational joists that support the elevated floor. Alternative support systems to girders include the actual walls of a house or additional beams that lend added stability.
Good-faith estimate
A good-faith estimate is an estimate made by a lending institution regarding the amount of cost a home buyer who intends to borrow money from that institution should expect to incur in the process of applying for and obtaining a loan. The estimate includes any applicable loan-processing charges and home inspection fees. The term "good-faith" reflects the acknowledgement that the lender cannot guarantee that an estimate will be precise to the penny; the actual costs for which a buyer may be responsible are likely to total at least slightly less or more than the estimate. The lender is responsible only for predicting costs as accurately as possible.
Government National Mortgage Association
The Government National Mortgage Association, commonly known among those familiar with finance and financial institutions as "Ginnie Mae," is an agency that purchases home loans backed by the federal government from lending institutions. Ginnie Mae then pools all purchased loans together and sells the shares of the total amount to investors. Ginnie Mae is similar in procedure to the agencies Fannie Mae and Freddie Mac, but differs in that it purchases only those loans that the federal government backs; Fannie Mae and Freddie Mac purchase, pool, and resell loans backed by the federal government as well as those that are not but which otherwise meet the agencies´ respective requirements.
Grace period
A grace period is a specified amount of time during which a borrower of money must make a loan payment after its due date without incurring a penalty. Loan payments are expected to be made by a certain time each payment period (usually monthly), but many lending institutions allow a grace period, usually several days, during which payment can still be made with no penalty incurred. A grace period is particularly useful to borrowers who face unforeseen circumstances, such as a delayed paycheck, unexpected medical expenses, or personal issues that prevent timely payment of a loan installment. Some lenders have a limit on how frequently a grace period may be invoked.
Grade
Grade refers to the elevation of a given parcel of land above level ground. Grade is the slope of land, measured as "rise over run," or the ration of the vertical distance over horizontal distance. The steepness of a roof, a road, or a hill is commonly described in terms of grade, and is usually expressed in one of three ways: (1) as a percentage, (2) as an angle, or (3) as sine (the ratio of the change in vertical distance to the change in horizontal distance between two points along the slope). A greater percentage, greater angle, or greater sine indicates a steeper grade.
Grade level
Grade level refers to the surface on which a house is built. The grade of a property may be flat or sloping; the steepness of the slope is referred to as grade, and is measured in terms of the vertical rise of the land in question as compared to the horizontal distance over which the slope occurs. Higher grade levels mean a less even natural foundation on which to construct a house; a home built on land of a high grade will require excavation of the higher end of the slope of filling in of the lower end to ensure a flat, stable foundation on which to build.
Graduated-payment mortgage (GPM)
A graduated-payment mortgage (GPM) is a loan that requires the borrower to make increasingly large monthly payments over the term of the loan, starting with lower payments and gradually paying more as the life of the loan nears its conclusion. In a graduated-payment loan, monthly payments are typically extremely low for the first few years, but gradually rise over a fixed time, commonly three or five years, and then stabilize and remain fixed for the duration of the loan until the principal and attendant interest are paid off. GPMs are a good option for home buyers with limited resources who anticipate an improvement in financial standing within a few years of their purchase.
Granny flat
The phrase "granny flat" is a slang term for a separate unit in a house, or sometimes above the garage, where guests can be accommodated with minimal intrusion upon the homeowners and vice-versa. In the past, such units were commonly occupied by elderly relatives, as remains the case in some foreign nations. Granny flats are also sometimes referred to as "mother-in-law" quarters. These units often have a separate entrance from the rest of the dwelling and a private bath, providing privacy for the homeowners and for the guest utilizing the granny flat. Granny flats are also commonly used as rooms for teenagers or as rental units.
Grantee
A grantee is a person to whom an interest in a parcel of property is conveyed by another who has some claim to that property. A grant is made by a grantor to a grantee, and is a legally enforceable transfer of a property. In the real estate context, legal enforceability is possible because a grantee who receives an interest in real property commonly records his or her interest with the county recorder, where an alphabetical list by name of grantees within the county is kept for public perusal; a similar list, or index, is kept with an alphabetical by name list of grantors of real estate interest.
Grantor
A grantor is a person who conveys an interest in a parcel of property owned by them to another person, known as a grantee. Such a grant is legally enforceable. Transfers by a grantor to a grantee are recorded, and available for perusal by the general public, with the county recorder. The recorder maintains an alphabetical by name list, or index, noting all grantors of interest in real property within that county; a similar index is kept with an alphabetical by name list of grantees. Grantors may choose to transfer real estate for a number of reasons, including those charitable and more self-preserving (as to avoid some tax liability associated with ownership of interest in real property).
Greek Revival style
Greek Revival style is a style of architecture characterized by pillar-anchored pediment forming a portico at the front of a house. The Greek Revival style was first introduced in the United States at the end of the 18th century, admired for its romantic, open, inviting characteristics. Greek Revival style is reminiscent of the most commonly acknowledged Greek construction, such as that associated with the famous temples of Greece. Stately details, such as intricate columns and wide passages, are typical of the style, as are marble and stone as construction materials. Detailing on facades generally falls into one of three categories of Greek architectural style-Doric, Ionic, or Corinthian.
Greenbelt
A greenbelt is a stretch of park, open space, or other natural setting within a community. Greenbelts are particularly popular in planned neighborhood developments, intended to be inviting areas that bring nature into a residential community and act as extensions of individual lawns, which continue to decrease in size as space becomes scarce. Greenbelts are often touted as a desirable amenity to attract potential homeowners to a community, and homes the lots of which abut a greenbelt are considered premium sites and usually cost more than those that are not adjacent to the greenbelt. Greenbelts are generally maintained through funds collected from homeowners´ association fees.
Gross income
Gross income is a measure of the total income of a household before accounting for a reduction due to taxes or expenses. Gross income is sometimes called "pre-tax income," and is the figure most commonly used to describe an individual´s salary, although that salary amount is realistically reduced, sometimes significantly, after taxes are taken out; this final amount is termed "net" income. Gross income is often considered by lending institutions when evaluating a loan applicant, and is a useful measure for comparison of people´s relative earnings.
Ground fault circuit interrupter
Ground fault circuit interrupters are devices that detect any leakage of electrical current to the ground, and thereby prevent the risk of accidental shock from such leakage. A difference in the electrical currents running through "hot" and neutral electrical wires indicates that an abnormal escape of current from the hot wire is in progress. Ground fault circuit interrupters detect such abnormal differences, and interrupt the flow of electrical current, potentially preventing dangerous contact by an individual with a strong, and in worst-case circumstances, lethal electric shock. Ground fault circuit interrupters are required by law for certain home receptacles, including those for bathrooms.
Ground rent
Ground rent is the amount of money a person pays for his or her use of a piece of property when his or her interest in the property is a leasehold estate. A leasehold estate is any interest in land by virtue of holding a lease from the owner-landlord of a given property. Ground rent usually refers to a lower payment amount due to the bare, unimproved state of the land being leased; a landlord may allow a tenant to pay low ground rent in exchange for his or her improvement of the land (that is, long term development, repairs, and modifications, such as clearing the land or constructing a dwelling structure on it).
Group home
A group home is a house, usually designed and constructed for use as a single-family residence, which is used as a community living space for unrelated, developmentally disabled or mentally disabled people. The goal of a group home is to teach disabled individuals to live on their own and learn how to deal with independent living while providing a built-in support system, as well as some oversight by medical or developmental professionals whose job it is to ensure the group home runs smoothly and that its residents are able to live and function in a way that recognizes and is conducive to their disabilities.
Growing-equity mortgage
A growing-equity mortgage is a fixed rate mortgage in which the payments made by the borrower increase over a specific period of time. As payments increase, the extra funds being paid by the borrower are applied against the principal outstanding on the loan, increasing the borrower´s amount of equity (the amount of the loan that has already been paid for by the borrower). Interest rates remain constant over the term of the loan. Monthly payments increase at times determine by the lending institution; it is common for payments to increase annually. A growing-equity mortgage allows a borrower to pay of his or her loan more quickly than would a traditional mortgage.
Guarantee mortgage
A guarantee mortgage is a loan that is guaranteed, or promised to be repaid, by a third party, such as a government institution. The term "guarantee" refers to the promise to repay the full loan amount according to the terms of the lender. The third party involved in a guarantee mortgage, someone other than the lender or borrower, promises to pay the balance of the amount remaining on a loan if the borrower defaults (does not pay). Mortgages that are not government guaranteed are known as conventional loans, and are usually more flexible than guarantee mortgages because the borrower is personally liable for repayment of the loan.
Gutters
Gutters are horizontal channels which are installed at the edge of a home´s roof and are designed to carry rainwater or melted snow away from the house. Gutters are installed so that water collected on the roof rolls down the slope of the roof and into a gutter; the gutter then transports that water along to the corners of the roof and down to ground level. Gutters must be cleaned regularly, as they tend to accumulate debris that is not easily transported, thus blocking water flow; this can be especially problematic when trees are located nearby that drop leaves or needles into the gutters. This problem can be alleviated by gutter guards that allow water to roll into gutters but block out debris. |
