Real Estate Glossary - G thru H  

Gain - Under the federal income tax code, that portion of the proceeds from the sale of capital asset, such as real estate, that is recognized as taxable profit.

Garnishment - A legal process by which a creditor gains access to the personal property or funds of a debtor that are in the hands of a third party. For example, if the debtor's wages are garnished, the employer is required to turn over part of each paycheck to the creditor.

General Plan - A comprehensive, long-term plan of development for a community, which is implemented by zoning and other laws. Also called a comprehensive plan or master plan.

Gift Funds - Money that a relative (or other third party) gives to a buyer who otherwise would not have enough cash to close the transaction.

Ginnie Mae - The Government National Mortgage Association, GNMA.

Good Will - An intangible asset of a business resulting from a good reputation with the public, serving as an indication of future return business.

Government Lot - In the rectangular survey system, a parcel of land that is not a regular section (one mile square), because of the convergence of range lines, or because of a body of water or some other obstacle; assigned a government lot number.

Grant - To transfer or convey an interest in real property by means of a written instrument.

Grantee - One who receives a grant of real property.

Granting Clause - Words in a deed that indicate the grantor's intent to transfer an interest in property.

Grantor - One who grants an interest in real property to another.

Gross Income Multiplier - A figure which is multiplied by a rental property's annual gross income to arrive at an estimate of the property's value.

Gross Multiplier Method - A method of appraising residential property by reference to its rental value.

Gross Rent Multiplier - A figure which is multiplied by a rental property's monthly gross income to arrive at an estimate of the property's value.

Group Boycott - An agreement between two or more real estate brokers to exclude other brokers from equal participation in real estate activities.

Growth Management Act - A Washington state law aimed at limiting sprawl and concentrating growth in existing urban areas.

Guardian - A person appointed by a court to administer the affairs of a minor or an incompetent person.

H

Habendum Clause - A clause included after the granting clause in many deeds; it begins "to have and to hold" and describes the type of estate the grantee will hold.

Habitability, Implied Warranty of - A warranty implied by law in every residential lease, that the property is fit for habitation.

Heir - Someone entitled to inherit another's property under the laws of intestate succession.

Heirs and Assigns - A phrase used in legal documents to cover all successors to a person's interest in property; assigns are successors who acquire title in some manner other than inheritance, such as by deed.

Highest and Best Use - The use which, at the time of appraisal, is most likely to produce the greatest net return from the property over a give period to time.

Holder in due Course - A person who obtains a negotiable instrument for value, in good faith, without notice that it is overdue or notice of any defenses against it.

Home Mortgage Disclosure Act - A federal law requiring institutional lenders to make annual disclosures of all mortgage loans made, as means of enforcing prohibitions against redlining.

Homeowners Association - A nonprofit association made up of homeowners in a subdivision, responsible for enforcing the CC&Rs and managing other community affairs.

Homestead - An owner-occupied dwelling, together with any appurtenant outbuildings and land.

Homestead Laws - A state law that provides limited protection against creditors' claims for homestead property.

HUD - The U.S. Department of Housing and Urban Development.

Hypothecate - To make property security for an obligation without giving up possession of it (as opposed to pledging, which involves surrender of possession).

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