Glossary / Abbreviations

To help you understand the some of the terminology and 'jargon' that may be used when purchasing a property, we have complied this listing.

A   B   C   D   E   F   G   H   I   J   K   L   M   N   O   P   Q   R   S   T   U   V   W   X   Y   Z  

Gazumping - Where a seller agrees to sell to one buyer but then either sells to another, higher bidding, buyer or raises the sale price when a number of further buyers are showing interest in the property.

gge, grge - garage

ghws - gas hot water service

grantee - A person to whom property is transferred by deed or to whom property rights are granted by a trust instrument or other document.

grantor - A person who transfers property by deed or grants property rights through a trust instrument or other document.

Greater Fool Theory - describes the situation where an "investment" or speculation does not earn income, and the "investor" can only make money if another person pays more. The only value the investment has is its intrinsic value. Essentially, the greater fool theory describes the behaviour of speculators and speculation.

gross building area - The total floor area of a building, including below grade space but excluding unenclosed areas, measured from the exterior of the walls.

gross income - The total income attributable to real property at full occupancy before vacancy and operating expenses are deducted.

Gross Income - Income before taxes are deducted.

gross income multiplier - The ratio between the sale price of a property and its potential gross income.

gross income multiplier - The ratio between sale price or value and potential or effective annual gross income.

gross lease - A lease in which the landlord receives stipulated rent and is obligated to pay all or most of the property's operating expenses and real estate taxes

gross lease-able area - The total floor area designed for the occupancy and exclusive use of tenants,

gross rent multiplier - The relationship or ratio between the sale price or value of a property and its gross rental income.

Group Investment Funds (Gifs) - are very similar in structure to unit trusts, except that the trustee will also be the manager. Gifs are created by one of the five Trustee companies under the Trustee Companies Act 1967. For the purposes of the information on this site, all other information about unit trusts applies equally to Gifs

Guarantor - A person or entity that legally agrees to indemnify the mortgagee of all or a portion of any unpaid principal balance in case the borrower goes into default.