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Ma Real Estate G & H

Terms & Definitions G & H

General Agent (Universal Agent) One who represents a principal within a single broad area. EXAMPLE: A property manager for an apartment building.
General Power of Attorney One was authorized to act for another in all matters. Also known as a universal power of attorney.
Governmental Survey Method of land description using a grid of imaginary East-West lines called base lines, and North-South lines called meridians. This grid results in 6 mile by 6 mile townships, that are further broken down into sections.
Graduated Lease A lease where the amount of rent increases over the term of the lease.
Grantee One was receiving title to real property from a grantor.
Grantee ; Grantor Indexes Public record books maintained at the county registry of deeds, that lists the grantors, and grantee of property transfers along with the book, and page number of the associated real estate documents.
Grantor One who is giving title to real property to a grantee.
Ground Lease A lease for the land alone. Separates the ownership of the land and the buildings. When the lessee constructs a building, it remains the lessee's property. Usually long term net leases. Also known as a “Land Lease”.
Gross Income Total revenue from rents or other sources (prior to deduction for any expenses).
Gross Lease A lease where the tenant (lessee) pays a fixed rental amount, and the landlord (lessor) pays all expenses (Also known as Flat Lease).
Gross Rent Multiplier A ratio of Market Value compared to Gross Rent. Used by an appraiser to estimate value, when the gross rent and the gross rent multiplier are known.
Habendum Clause That section of a deed beginning with "to have and to hold", which follows the granting clause and defines the extent of ownership the grantor is conveying, such as Fee Simple or Life Estate.
Handicapped Person entitled to housing accommodations due to physical handicap under Mass General Law chapter 22. Used in condominium conversion law in Mass to set special condo conversion protection.
Heterogeneity Physical characteristic of being unique. Used in reference to real property. There is no exact duplicate (Also known as non-homogeneity).
Highest and Best Use An appraisal concept that identifies the use of a parcel of property, that produces the highest net return, and therefore the highest value.
Holdover Tenants A person who remains after a tenancy has ended. See "Tenant at sufferance".
Home Equity Loans A loan secured by the equity in a piece of property. May be in addition to the existing first mortgage, and usually set up as a line credit.
Homestead Land that is owned and used as the family home. Many states allow protection from creditors for a homestead.
Created by: medct