Real Estate Glossary
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GST CERTIFICATE:
Document, required under the standard form of Agreement of Purchase and Sale, signed by a Vendor upon which the Purchaser may rely stating that Goods and Services Tax is not payable on the purchase price of the property because the subject property is a "used residential premises". GST is payable on new homes, substantially renovated properties, properties which are bought and sold as part of a business of trading in properties and properties for which the Vendor claimed an input tax credit under the Excise Tax Act.
GST REBATE:
Percentage of the GST payable on a new home which a Purchaser is entitled to have refunded, rebate is often signed over to the Vendor in exchange for the inclusion of the GST in the purchase price.
GABLE ROOF:
An angled roof, triangular in shape.
GAIN:
Any increase in value or monetary holdings.
GAMBREL ROOF:
A roof that has two, differently angled slopes on each side of the peak, the upper slope being flatter while the lower slope is steeper.
GARDEN APARTMENTS:
A description of a kind of apartment unit which enjoys direct access to a lawn or other garden-like area.
GENERAL CONTRACTOR:
The central figure in most construction pyramids, the person hired by the owner to plan and oversee the entire job. Often hires subcontractors who specialize in the various trades required for the job (i.e. plumbers, electricians, framers, carpenters, etc.).
GENERAL LIEN:
A registered claim against property which, instead of attaching just to one property, attaches to all properties owned by the party against whom the claim has been made.
GENTRIFICATION:
The process in which a neighbourhood is transformed from low-value to high-value properties.
GEORGIAN:
A classic looking, English-style house, rectangular in shape, large, with two or three storeys complemented by classic lines.
GOOD AND MARKETABLE TITLE:
Ownership of a property which is free of competing claims and interests.
GOOD FAITH:
A term to describe a party's legitimate and honest efforts to meet her obligations in a given situation.
GRACE PERIOD:
The time a borrower is allowed after a payment is due to make that payment without incurring penalties.
GRADE:
The contour of the land, usually around a building, which affects drainage patterns on the property.
GRADIENT:
Expressed as a percentage, the rate of increase or decrease in the legal of land, the slope.
GRADUATED LEASE:
A rental agreement in which the periodic rental payments increase at specified points in time.
GRADUATED PAYMENT MORTGAGE (GPM):
A land loan in which the periodic payments increase at a stated rate over a stated period of time before leveling off for the remainder of the term of the loan.
GRADUATION PERIOD:
The interval between increases in the payments on a GPM.
GRADUATION RATE:
The rate at which the payments increase in a GPM, expressed as a percentage.
GRANDFATHER CLAUSE:
A provision in a law that ensures that the law is not retroactive, that it does not render a previously legal thing illegal. For example, a new zoning by-law requiring all houses to be at least five feet from the side lot line would not render illegal a 20-year-old house that stands three feet from the side lot line. The property would be described as "legal non-conforming".
GRANT:
The act of giving title to another. May also be used as a noun, meaning the instrument that transfers title.
GRANTEE:
One who receives title.
GRANTOR:
One who gives title to another.
GROSS AREA:
The total floor space of a building, including unusable space, measured from the outside walls.
GROSS INCOME:
A person's earnings from all sources in a given period before expenses are deducted.
GROSS LEASABLE AREA:
The total usable, rental space in a building.
GROSS LEASE:
A rental agreement for the use of the property where the tenant pays a certain periodic amount which does not change as a result of changes in the various expenses of the property, which are the sole responsibility of the landlord.
GROSS MARGIN:
The difference between the interest rate chargeable on a variable or adjustable rate mortgage and the rate set by the index rate upon which the mortgage rate is based.
GROUND LEASE:
A long-term lease of land (often 99 years) in which the tenant is allowed to improve the land and use it for the term of the lease at the end of which the land and all improvements revert to the control and occupancy of the owner.
GROUND RENT:
Portion of rent attributable to the land alone.
GROUP HOME:
A dwelling which has been adapted to house a number of un-related persons who share a common characteristic.
GROWING-EQUITY MORTGAGE (GEM):
A mortgage with a fixed interest rate which has periodic payments which increase at intervals, the added money per payment being applied directly to the outstanding principal on the mortgage.
GUARANTEE:
1. An enforceable warranty on the continuing usefulness of a product,
2. An agreement by a third party to a loan transaction to join in the transaction and to be held liable for the moneys secured by the loan instrument should the principal debtor fail to pay.
GUARANTEE MORTGAGE:
A land loan that has a third party added to provide added assurance that the obligations under the loan will be met.
GUARANTOR:
The person who signs a mortgage and assumes responsibility for it despite the fact that he receives no benefit from the loan.
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