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Gale Date (for Mortgages) is the date on which interest is charged or compounded on the loan.

Garnishment is the legal attachment of debtor's wages, cash flow or assets by creditors. The party served with notice must comply with the Garnishee Order and forward funds to the creditor(s) named.

Genuine Consent is clear understanding of the details of the contract in question by both parties. Lack of genuine consent can void an agreement.

Good Title is a proof of ownership that is free of any legal holds or claims. 

Grant is technical term used in deeds of conveyance to indicate a transfer of an interest or estate in land.

Grantee  is the party to whom an interest in real property is conveyed (the buyer).

Grantor is the person who conveys an interest in real estate by deed (the seller).

Gross Area is the total floor area of a building, measured from the outside of the exterior walls.

Gross Debt Service Ratio (GDS) is the percentage of the borrower's income that is needed to make all payments for costs associated with housing. There is maximum amount associated with this ratio to ensure that borrower's can afford to carry the debt.

Gross Income (Single Family) is the total annual personal income before deductions used in the calculation of an applicant's debt service ratios.

Gross Leasable Area is the total floor area designed for tenant occupancy and exclusive use and that area on which tenants pay rent. This does not include common areas.

Gross Profit (Income Statement) is total revenue of a business minus the cost of goods it sold.

Ground Lease is contract for the rental of land, usually for a long term.

Group Insurance is a type of insurance plan in which premiums are set for a large group as a whole, as opposed to individual premiums set on personal characteristics. All mortgage creditor insurance plans are group insurance plans.

Guarantor is one who promises to pay a debt or perform an obligation contracted by another in the event the original borrower fails to pay or to perform as contracted.

If you need more information or want free no obligation mortgage advice please feel free to contact me today!

 

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Walter Pawlowski Ontario Mortgage Agent M11002486