Real Estate Terminology (Glossary)

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Glossary - 'G'

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Gain
An increase in money or property value.

Government Insured Mortgage
A mortgage that is insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA) or the Rural Housing Service (RHS).

Government National Mortgage Association (GNMA)
A government-owned corporation within the U.S. Department of Housing and Urban Development (HUD). Created by Congress on September 1, 1968, GNMA assumed responsibility for the special assistance loan program formerly administered by Fannie Mae. Nicknamed Ginnie Mae.

Grandfather Clause
When a law is changed or a new law is passed, those whose specific activity was legal under the previous law are allowed to continue, by virtue of this provision.

Grantee
The person to whom an interest in real property is conveyed.

Grantor
The person conveying an interest in real property.

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