Glossary of Terms

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Most terms and definitions have been provided by:

http://realestateglossary.internetcrusade.com
GARNISHMENT
A legal process designed to provide a means for creditors to safeguard for themselves the personal property of a debtor which is in the hands of a third party ("garnishee").
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.
GENERAL PARTNER
A co-owner of a partnership who is empowered to enter into contracts on behalf of the partnership and who is fully liable for all partnership debts.
GIFT TAX
A graduated federal tax paid by a donor upon making a gift.
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.
GOOD WILL
An intangible, salable asset arising from the reputation of a business.
GRANDFATHER CLAUSE
Common expression used to convey the idea that something which was once permissible continues to be permissible despite changes in the controlling law.
GRANTEE
The person who receives from the grantor a grant of real property.
GRANTOR
The person transferring title 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.
GUARDIAN
One who is given the lawful custody and care of another(called a ward).