Glossary G

GENERAL WARRANTY DEED
The Grantor warrants title against all claims.

GOOD CLASS BUNGALOW (GCBA)
A landed house standing on its own boundary with no common wall. is used by the Urban Renewal Authority to categorise an exclusive category of housing which will be low rise. There are around 39 residential areas designated as Good Class Bungalow areas and in Districts 10, 11, 21 and 23. The minimum land plot size to be be 1,400 sq m (15,070 sqare feet) and maximum height of 2-storey excluding basement.

GRANTEE
The person receiving an interest in property.

GRANTOR
The person granting, selling or giving up an interest in property.

GRADUATED PAYMENT MORTGAGE (GPM)
A type of flexible-payment mortgage where the payments increase for a specified period of time and then level off.

GROSS FLOOR AREA
Covered floor space (whether within or outside a building and whether or not enclosed) measured between party walls including thickness of external walls and any open area used for commercial purposes.

GROSS INCOME
Income before expenses.

GROSS LETTING
Both paid and complimentary lettings of hotel rooms as enumerated at midnight.

GROSS MARGIN
With regard to an adjustable rate mortgage, an amount expressed as percentage points, stated in the note which is added to the current index value on the rate adjustment date to establish a new note rate.

GROUND LEASE
The owner grants a long-term lease of the land (usually 99 years) and allows the lessee to build and use the land as agreed. At the end of the term, the land and all improvements revert to the owner.

GUARDIAN
One appointed by the Court to administer the affairs of a minor. A guardian is appointed to protect one’s interest in a particular legal action.
see CONSERVATOR
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