Title Insurance and Closing Services Since 1954
Terms Defined
The Real Estate Industry has its own unique language and, without some knowledge of this language, you may find yourself a bit confused if you become involved in a real estate transaction. Wayne County Title Agency, Inc. has compiled the following Definition of Terms commonly used in the real estate industry. Whether you are entering the real estate market for the first time or have invested in it before, this handy reference will provide an understanding of basic real estate words and phrases.
General Warranty Deed
A deed containing a covenant whereby the seller agrees to protect the buyer against being dispossessed because of any adverse claim against the land.
GNMA (Ginnie Mae)
Government National Mortgage Association, a government corporation which provides a secondary market for housing mortgages and special assistance to mortgagee financing housing under special FHA mortgage insurance programs.
Good Faith Estimate
An estimate of all closing fees including pre-paid and escrow items as well as lender charges; must be given to the borrower within three days after submission of a loan application.
Good Funds
Closing funds where the checks have cleared (cashier's checks or certified checks) or wire transfer.
Graduated Payment Mortgage
A mortgage securing a loan in which the initial monthly payments on the loan are insufficient to satisfy interest payments at the stated interest rate, and unpaid amounts of interest are added to the principal balance.
Grantee
In a deed, the person to whom the land is transferred.
Grantor
In a deed, the person who transfers the land.
Guaranty Policy
A title insurance policy which offers coverage only against defects of title appearing in the public records. Other policies insure against defects whether or not they appear in public records.
Guardian
A person appointed by a court to manage the person and/or property of one who is legally incompetent to handle his/her own affairs.