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Real Estate Dictionary



"Garmushka" (Russian) - An approved building permit plan which describes the building, its specific location on the plot, its size and details.

Gazebo - An open structure, usually in the garden where one may set and enjoy the view. Also known as a belvedere.

Gift - a voluntary transfer of property without valuable consideration. In case a property was given as a gift there is tax to be paid, and the percentages are due to the family connection between the grantor of the gift to the one who got it.

Globalization - Tendency toward a worldwide investment environment and the integration of national capital markets.

Good Faith - Something done with good intentions, without knowledge of fraudulent circumstances, or reason to inquire further.

Grace Period - A period of time past the due date that a mortgage payment or insurance premium may be made and not considered delinquent. A period of time during which you are not required to make payments on a debt. For example, most credit cards give you a grace period of 20-30 days before you have to pay interest on the amount of your purchases. Cash advances, however, usually have no grace period; interest begins to accumulate from the date of the withdrawal, even if you pay your bills on time.

Grantor - One who grants property or property rights. Typically the seller.

Ground Level - Being at the level of the surrounding land, such as the ground floor of a building.

Guardianship - A legal relationship created by a court between a guardian and his ward-either a minor child or an incapacitated adult. The guardian has a legal right and duty to care for the ward. This may involve making personal decisions on his or her behalf, managing property or both. Guardianship of incapacitated adults is more typically called conservatorship.

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