A GLOSSARY OF REAL ESTATE TERMS

G


General & Administrative
A line item expense that includes expenses incurred in property operation. The items in this category depend on the nature of the real estate, but usually include payroll expenses to all employees whose services are essential to property operation and management, but whose salaries are not included in other specific expense categories.
General Lien
A lien such as a tax lien or judgment lien, which attaches to all property of the debtor rather than the lien of, for example, a trust deed, which attaches only to a specific property.
General Warranty Deed
A deed which conveys not only all the grantor’s interests in and title to the property to the grantee, but also warrants that if the title is defective or has a "cloud" on it (such as mortgage claims, tax liens, title claims, judgments, or mechanic’s liens against it) the grantee may hold the grantor liable.
(GNMA/Ginnie Mae) Government National Mortgage Association
A government owned agency that acts as a secondary market conduit for FHA and VA loans. GNMA guarantees the timely principal and interest payments to investors.
Grandfather Clause
The clause in a law permitting the continuation of a use, business, etc., which was permissible but because of a change in the law is now no longer permissible.
Grantee
The buyer, who receives a deed.
Grantor
The seller, who gives a deed.
Grocery Anchored Retail
A Retail property subtype in which the property is occupied by one or more tenants including a grocery anchor tenant and the property is utilized for retail purposes.
Grocery Anchored Retail
A Retail property subtype in which the property is occupied by one or more tenants including a grocery anchor tenant and the property is utilized for retail purposes.
(GBA) Gross Building Area
The total building area; referred to as GBA; generally excluding all rental area plus any common areas (e.g. elevators, hallways, stairways, etc.).
The sales price divided by the annual contract rental rate.
The area for which tenants pay rent.
Gross Lease
Lease structure under which the landlord pays all building expenses. Also called a Full Service Lease.
Gross Reimbursement Structure
A lease structure in which the lessor is responsible for all costs of maintaining the property. Opposite of net lease, where the tenant pays these costs.
Ground Lease
A lease on undeveloped land or a lease covering the land but not improvements. Usually a net lease.
Ground Lease Expiration Date
Identifies the expiration of a ground lease encumbering or otherwise relating to the property (expressed as a date). Ground leases may be subordinated or unsubordinated.
Ground Rent
A line item expense that represents the rent paid for the right to use and occupy land according to the terms of a ground lease; the portion of the total rent allocated to the underlying land. Rent paid for land in accordance with the terms of a ground lease.
Guidelines for Expenses