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graduated-payment mortgage (GPM)
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| A mortgage in which the payments increase over time, according to a predetermined schedule set out in the mortgage agreement. Often, the increases level off at some point and remain fixed thereafter. |
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graduation period
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| The (announced) interval between payment increases on a graduated-payment mortgage. |
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graduation rate
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| The rate, expressed as a percentage, at which payments increase in a graduated-payment mortgage. |
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grandfather clause
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| An exemption. A clause in a law or an agreement that permits the continuation of some use or practice that was permissible when established but is now no longer permissible. Such clauses ensure that property owners will not be penalized by retroactive laws. For instance, if a property owner, at great expense, has created a brick wall around her or his house for privacy purposes, and a new law dictates that such fences must be made of metal, a grandfather clause in the new law may allow the owner to keep her or his brick fence. |
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grant
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| The act of transferring title (i.e., ownership), typically from a seller to a buyer. |
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grantee
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| One who receives title, typically a buyer. |
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grantor
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| One who gives title (or property rights), typically a seller. |
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grantor/grantee index
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| A public document that contains an alphabetical listing of all parties to all transfers of land, cross-indexed by grantor, grantee and property transferred. |
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gross area
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| The total floor space of a building, usually stated in terms of square feet and including nonusable space, measured from the outside walls. |
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gross income
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| The total of a person’s earnings from his or her job plus any other income (e.g., interest income or dividends on stock ) in a given period, before that person’s expenses are deducted. |
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