Real Estate Words – G

Gift Letter: A letter provided to a lender or government agency stating that money to be used as the down payment for a home loan was a gift and not a loan from the donor.
Graduated Payment Mortgage: A mortgage with payments that start low and are increased over time at set intervals.
Grant: A transfer of real property.
Grant Deed: A recorded document created at the time a part or all interest in a property is passed from one party to another.
Grantee: The party receiving a title or encumbrance.
Grantor: The party granting a title or encumbrance.
GRI: The acronym for Graduate REALTORS® Institute. A professional designation granted to a member of the National Association of REALTORS® who has in-depth training in legal and regulatory issues, technology, professional standards and the sales process.
Good Faith Estimate: An estimate of the closing costs Lenders must provide within three days of the application submission, part of the Real Estate Settlement Procedures Act (RESPA).
Gross Closed Commission Income: The amount of commission a real estate agent receives after a transaction is closed.
Gross Sale Price: The actual price prior to any concessions.
Guaranteed Offer: The property amount an employer offers a transferring employee after appraisals.