Dictionary

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Good and Indefeasible Title

Title that cannot be defeated by a superior claim, set aside or made void.

Good Faith Estimate (GFE)

A preliminary accounting of expected closing costs given to a buyer from a lender within three business days of loan application; required by RESPA (the Real Estate Settlement Procedures Act).

Government 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). Contrast with a conventional mortgage.

Government National Mortgage Association

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. Popularly known as Ginnie Mae.

Government Survey System

See Rectangular Survey System.

Grace Period

A period of time after premium due date during which a policy remains in force without penalty, even though the premium due has not been paid. If you don’t pay your premium on time, the grace period is the first policy provision to apply.

Graduated Payment Mortgage

A loan in which a mortgagor makes lower monthly payments for the first few years of the loan; usually based on an artificially low payment schedule, resulting in negative amortization or deferred interest.

Grantee

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

Granting Clause

Words in a deed of conveyance that state the grantor’s intention to convey the property at the present time. This clause generally is worded as “convey and warrant”, “grant”, “grant, bargain and sell”, or “remise, release, and quitclaim”.

Grantor

The person conveying an interest in real property.