Escrow Terms & Phrases
Terms and Phrases is Chicago Title Glossary of definitions, meanings, and
descriptions of significance for some of our industry's most often used
terms and phrases.
Look for terms and phrases in Alphabetical Order:
General Partner -- A member of the partnership who has authority to bind the partnership and shares in the profits and losses. A partnership must have at lease one general partner and may have more, as well as limited partners.
Gift Letter -- A letter to HUD from the owner (giver) stating that a gift of money has been made to the buyer in order to purchase specific property. The relationship of the donor and recipient is stated, as well as the amount of gift.
GNMA (Ginnie Mae) -- Government National Mortgage Association. A federal association, working with FHA, which offers special assistance in obtaining mortgages and purchases mortgages in a secondary capacity.
Grant Deed -- One of the many types of deeds used to transfer real property. Contains warranties against prior conveyances or encumbrances. When title insurance is purchased, warranties in a deed are of little practical significance.
Grantee -- One to whom a grant is made, generally the buyer.
Grantor -- One who grants property or property rights.
Grantor-Grantee Index -- The record of the passing of title to all the properties in a county as kept by the county recorder's office. Property is checked, by tracing the names of the sellers and buyers (chain and title). Title companies usually have more efficient methods by keeping records according to property description, rather than people's names.
Greenbelt -- A landscaped area surrounding a development to separate and protect it from neighboring incompatible use, such as separating office buildings from an industrial park.
Ground Lease -- A lease of vacant land, or land exclusive of any buildings on it. Usually a net lease.
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