gap financing
Temporary financing to bridge the difference between the construction loan and the permanent loan.
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garage
1) A building or indoor area for parking or storing motor vehicles. 2) A commercial establishment for repairing and servicing motor vehicles.
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garden apartments
A low-rise apartment building or building complex surrounded by lawns and trees, shrubbery, or gardens.
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gazebo
1) A structure, as an open or latticework pavilion or summerhouse, built on a site that provides an attractive view. 2) A small roofed structure that is screened on all sides, used for outdoor entertaining and dining.
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gazumping
A situation in which a vendor, having agreed to sell property at a certain price subject to contract, breaks his word and either seeks a higher price from the purchaser on the grounds of having received a higher offer from another or accepts a higher offer from another.
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gearing
1) The use of borrowed money to generate a higher yield through investment in real estate. 2) The relationship between a company’s loan capital and their equity capital. This is usually expressed as the ratio of loan capital to net asset value.
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general contractor
Contractor who assumes responsibility for completing a construction project, under contract to the owner, and hires, supervises and pays all subcontractors.
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general lien
A lien that includes all property of the debtor rather than a specific property.
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general mortgage
A mortgage that includes all real property of the mortgagor, both what he has and that he may acquire in future.
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general partner
The managing partner of a limited partnership who is in charge of its operations and has unlimited liability. A limited partnership must have one general partner. All partners in an ordinary partnership are general partners.
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gentleman’s agreement
An agreement, usually not in writing, that is not legally enforceable but intended to rest on the honor of parties.
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geomancer
One who practices geomancy, fengshui.
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gerrymander
To make manmade boundaries that go against the natural scheme of things. For example: to create a new geographical constituency against tradition and natural sub-divisions to exclude certain castes, classes or categories of people in order to create an electorate that helps a particular candidate or political party.
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gift tax
A tax imposed on gifts of money, property or goods.
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Godown
Colonial term for a warehouse.
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going concern value
The total value of a business as carried on, with all its assets and liabilities, good will and potentialities. If the premises used are owned by the business, they form part of the going concern value on the basis of their value to the business.
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good faith
Transaction done with good intention, honesty, fairness without deceit and with honorable intention.
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good will
An intangible asset that represents the excess of the amount paid for an acquired company over the fair market value of the net assets of that company. Basically, it is the value of the name, reputation and brand of the acquired company.
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grace period
A period of time after a payment such as a loan or insurance premium, becomes due, before one is subject to penalties, late charges, forfeiture or cancellation.
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grade
1) The degree or rise of a sloping surface. 2) To change the original slope of ground to prepare for paving or for drainage purposes. 3) Classification of building quality. In Asia Pacific property markets, top tier property is termed Premium or A Grade.
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gradient
The degree of inclination, or the rate of ascent or descent of a surface.
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graduated lease
A lease where the rental is not fixed and may vary according to value arrived on periodic appraisal.
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grandfather clause
A clause in the legislation that allows the continuation of a business, practice, activity, etc., that was permitted by legislation but currently considered not permissible by a change in the legislation.
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grant
A term that refers to a transfer of property by deed or the property so transferred.
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grant deed
A deed, conveying property owned by an individual or a company, to another individual or a company. Contains clauses that secure it against any prior conveyances or encumbrances.
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gravel
Particles of rock, i.e., stones and pebbles, usually round in form and intermediate in size between sand grains and boulders which is used extensively in building roads and in making concrete.
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graveyard
A private or public plot of land used as a burial ground or a cemetery.
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green field site
A site, separate from existing developments, which is to be developed for the first time.
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grid
1) A pattern of lines laid out at right angles to each other. 2) A series of intersecting lines dividing a map or chart into equal sections. 3) The intersecting bars, wires, or supports as in a grating or supports in a dropped ceiling. 4) A network of pipes for the distribution of water or gas. 5) A chart used by insurance companies and lenders for rating property, risk of the borrower, neighborhood, etc.
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gross
Without deductions. Total, as the amount of sales, salary, profit, etc., before taking deductions for expenses, taxes, or the like.
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gross activity
The total level of space leased or occupied between two points in time.
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gross area
The total floor area of a structure, in square feet or square meters, measured from the outside.
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gross effective income
Expected income from all operations after an allowance for vacancies and an allowance for collection losses is deducted.
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Gross External Area (GEA)
Formerly referred to as “reduced cover area” or “gross floorspace.” The aggregate superficial area of a building taking each floor into account. This includes: external walls and projections; internal wall and partitions; columns and piers.
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gross floor area
The total of all covered areas including common areas such as amenities and parking.
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gross floor area (GFA)
The area to be leased is usually quoted on the basis of Gross Floor Area (GFA), which includes not only the gross area of the leased floor but also portions of common areas. The ratio of “net lettable area” to GFA varies, naturally depending on the efficiency of the superstructure and the area of the basement levels included in GFA calculations.
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gross income
Total income before expenses and taxes are subtracted.
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gross lease
A lease in which the lessor pays all costs of operation. A gross lease is a lease at a fixed amount allowing the lessee to know exactly how much rent will be due and payable each period during the term of the lease. The lessor pays all taxes, insurance, and maintenance on the property.
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gross operating profit
Gross receipts less the cost of goods or production but before the deduction of indirect cost or expenses such as rent, salaries, etc.
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gross rent
Refers to the total rentals payable by tenants. This is equivalent to the sum of net rent plus outgoings.
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gross sales
The total sales, for a specific period, before adjusting discounts or returns.
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