If you are a consumer (a home buyer or a home seller, or just a real estate watcher) you may not be familiar with all of the terms involved in real estate transactions. Realtors® know the terminology, but wouldn't it be great to have that information as a consumer? A "Real Estate Terminology Dictionary" of sorts.
Look no further, here is the next installment of the Real Estate Glossary!
GENERAL CONTRACTOR - A construction specialist who enters into a formal construction contract with a land owner or master lessee to construct a real estate building or project.
GOOD FAITH - Bona fide. An act is done in good faith if it is in fact done honestly, whether it be done negligently or not.
GRANTEE - The person who receives from the grantor a grant of real property.
GRANTOR - The person transferring title to, or an interest in, real property. A grantor must be competent to convey; thus, for example, an insane person cannot convey title to real property.
GROSS AREA - The total floor area of a building measured from the exterior of the walls (excluding those unenclosed).
GROSS INCOME MULTIPLIER - A useful rule of thumb to estimate market value of income producing residential property. The multiplier is derived by using comparable sales divided by the actual or estimated monthly rentals and arriving at an acceptable average.