Real Estate Words Glossary Archive


Homeowner’s insurance policy

Wednesday, December 12th, 2007
Packaged insurance policy for homeowners and tenants that cover property damage and public liability, such as fire, theft, and personal liability.


Historic structures

Wednesday, December 12th, 2007
Buildings of historical or architectural significance, perhaps landmarks, that are designated by federal, state, or local historical commissions.


Highest and best use

Wednesday, December 12th, 2007
Use of land that is most logical and productive. Refers to the greatest income it can bring the owner, as well as factors such as aesthetics and benefits to the surrounding community.


Grantor

Wednesday, December 12th, 2007
Person named in a deed who conveys ownership of real estate; the seller.


Grantee

Wednesday, December 12th, 2007
Person named in a deed who acquires ownership of real estate; the buyer.


Graduated payment mortgage

Wednesday, December 12th, 2007
Mortgage loan for which the initial payments are low but increase over the life of the loan.


Grace period

Wednesday, December 12th, 2007
Specified period of time to meet a commitment after it becomes due, without penalty or default. For example, most lenders allow a two-week grace period after the due date of the mortgage payment before a late fee is imposed.


Gentrification

Wednesday, December 12th, 2007
Process whereby private or government-sponsored development of certain aging neighborhoods results in the displacement of low- or moderate-income families by the more affluent and leads to an increase in property values.


Freddie Mac

Wednesday, December 12th, 2007
Common name for the Federal Home Loan Mortgage Corporation, which buys and sells loans in the secondary mortgage market.


Foreclosure

Wednesday, December 12th, 2007
Legal action instigated by a lender to end all ownership rights when mortgage payments have not been kept up.


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