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Land Terms

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Garnishment

A legal process designed to provide a means for creditors to safeguard for themselves the personal property of a debtor which is in the hands of a third party ( garnishee )

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General agent

One who is authorized to perform any and all acts associated with the continued operation of a particular job or a certain business

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General contractor

A construction specialist who enters into a formal construction contract with a land owner or master lessee to construct a real estate building or project

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General partner

A co-owner of a partnership who is empowered to enter into contracts on behalf of the partnership and who is fully liable for all partnership debts

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Geographic Name

A name given to a Lode, Placer or Millsite mining claim which is described on the Mineral Certificate.

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Gift Letter

Letter stating that an amount will be gifted to another and that the amount is not to be repaid.

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Gift tax

A graduated federal tax paid by a donor upon making a gift

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Glacier

Large mass of ice and snow, usually at high elevations, where temperature remains below or near freezing and more snow accumulates during winter than melts in summer, moving slowly down a mountain or valley

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Glade

An open space in a forest. Grassy open space surrounded by woods.

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Glen

Small valley, with steep sides, usually narrow, long and secluded

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Good faith

Bona fide. An act is done in good faith if it is in fact done honestly, whether it be done negligently or not.

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Good title popular

1. Title to real property that is free from liens, encumbrances, or defects aside from those which the buyer has agreed to accept (mortgage to be assumed, ground lease of record, etc.)
2. Title to real property that is established, marketable, and without clouds.

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Good will

An intangible, salable asset arising from the reputation of a business

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Gorge

1. Deep, narrow passage between steep mountains or hills 2. steep, rocky ravine

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Government survey

A system of land description in which large blocks of land are divided into tracts bounded by imaginary lines conforming to the true meridian

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Graduated rental lease

A lease in which the rent payments commence at a fixed, often low rate, but step up or increase at set intervals as the lease term matures

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Grandfather clause

Common expression used to convey the idea that something which was once permissible continues to be permissible despite changes in the controlling law

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Grantee

The person who receives from the grantor a grant of real property

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Grantor

The person transferring title to, or an interest in, real property. A grantor must be competent to convey; thus, for example, an insane person cannot convey title to real property.

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Gray shell

A commercial or residential building with an unfinished interior and lacking heating, ventilating, and air conditioning (HVAC), and usually without lighting, plumbing, ceilings, or walls. A grey shell is ready for warm shell or vanilla shell improvements (VSI), which are usually completed once the lease agreement has been signed.
Synonymous with base shell or cold shell.

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Grey shell

A commercial or residential building with an unfinished interior and lacking heating, ventilating, and air conditioning (HVAC), and usually without lighting, plumbing, ceilings, or walls. A grey shell is ready for warm shell or vanilla shell improvements (VSI), which are usually completed once the lease agreement has been signed.
Synonymous with base shell or cold shell.

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Gross area

The total floor area of a building measured from the exterior of the walls (excluding unenclosed portions).

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Gross income

The total income or revenue without deductions produced by an individual, corporation, etc. in return for labor, goods, or services rendered. Contrast with net income.

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Gross income multiplier

A useful rule of thumb to estimate market value of income producing residential property. The multiplier is derived by using comparable sales divided by the actual or estimated monthly rentals and arriving at an acceptable average.

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Gross lease

A lease agreement, usually residential, in which the tenant (lessee) pays a fixed periodic rent, and the landlord (lessor) pays all other expenses related to ownership of the property including taxes, insurance, maintenance, utilities, and assessments.

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