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- Good-faith estimate
- An estimate from an institutional lender that shows the costs a borrower will incur, including loan-processing charges and inspection fees.
- Government National Mortgage Association
- Commonly known as Ginnie Mae, this agency buys home loans from lenders, pools them with other loans and sells shares to investors. Ginnie Mae differs from Fannie Mae and Freddie Mac, in that it only purchases loans backed by the federal government.
- Graduated-payment mortgage (GPM)
- A mortgage that requires a borrower to make larger monthly payments over the term of the loan. The payment is unusually low for the first few years but gradually rises until year three or five, then remains fixed.
- Grantee
- A person who is conveyed an interest in a piece of property.
- Grantor
- The person who conveys an interest in a piece of property to another person.
- Gross leasable area
- The total floor area designed for tenant occupancy and exclusive use, including basements, mezzanines, and upper floors, is measured from the center line of joint partitions and from outside wall faces. Gross leasable area is that area on which tenants pay rent; it is the area that produces income.
- Gross lease
- A lease in which the landlord pays all expenses associated with owning and operating the property.
- Gross operating income
- The total income generated by property operations before payment of operating expenses. It is calculated from potential rental income, less vacancy and credit losses, plus other income not affected by vacancy. Also known as Gross Scheduled Income.
- Gross rent multiplier (GRM)
- A number which, multiplied by the gross income of a property, produces an estimate of value of the property (e.g., if the gross income from an apartment building is $100,000 annually and an appraiser uses a gross multiplier of 12%, then the value of the building is $1,200,000.
- Ground lease
- A lease of the land only. Usually the land is leased for a relatively long period of time to a tenant that constructs a building on the property. A ground lease separates ownership of the land from ownership of buildings and improvements constructed on the land.
Some definitions come from the Certified Commercial Investment Member Institute (CCIM).
