Real Estate Glossary Letter :  G

Real Estate Glossary Letter :  G

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GABLES – The triangular part of a building’s end wall which extends up to meet the two slopes of a roof.

GABLE ROOF – A ridged roof, the ends of which form a gable.

GALINTEL – A steel lintel used to support brickwork over an opening.

GALLEY KITCHEN – a rectangular kitchen layout where counters, appliances and cabinets sit against the walls or in parallel, leaving the narrow middle space clear.

GARNISHEE ORDER – A court order taken out by a creditor on a person’s employer or banker for the deduction of funds from his wages or bank account to repay a debt.

GAUGE – An indicating device usually in brickwork setting out the number of bricks to a certain measurement. E.g.seven brick courses per 600mm in height. This gauge is adjusted to suit the brick and the site conditions.

GAZUMPING – Where the vendor agrees to sell a property but then sells it to another party on more favourable terms. (Not usually applicable in South Australia.)

GEARING (LEVERAGE) – A measure of indebtedness i.e. the extent of borrowings as against the equity held by a person or company in an asset. Usually expressed as a ratio. Positive gearing refers to the magnification of financial gain resulting from borrowing when the cost of capital (borrowed) is less than the return on capital and leads to a magnification of returns to equity. Negative gearing refers to the same relationships but where the cost of capital exceeds the return on capital. Persons would normally only negative gear in the expectation of positive returns in the future.

GENERAL CONTRACTOR – A contractor licensed to take full responsibility for the completion of a building See also subcontractor.

GENERAL LAW TITLE – See Common Law Title.

GENERAL LIEN – Sets out in writing the Bank’s right to retain the property until a debt is paid. Includes Power of Attorney and other clauses generally contained in Bank security forms.

GENERAL REGISTRY OFFICE – GRO – This office registers or enrols dealings with old system land, accepts various plans and written documents concerning land for deposit, for sale and perpetual custody, and registers miscellaneous other dealings such as bills of sale and stock mortgages.

GIRDER TRUSS – A truss that runs in the opposite direction to other trusses and has brackets (shoes) to carry and support the other trusses. The girder truss is often a double truss, made of hardwood in part or has bigger elements than other trusses.

GIRT – A horizontal structural member in a framed wall. They provide lateral support to the wall panel, primarily, to resist wind loads.

GLAZING – The process of installing glass, such as in windows and doors.

GLUED LAMINATED BEAM – Structural beams made from layers of laminated wood glued together to provide extra strength and support over longer distances.

GOING CONCERN – An operating business that will remain in operation for the foreseeable future. It is assumed that the entity has neither the intention nor the necessity of liquidation or of curtailing materially the scale of its operations. Properties sold as a going concern may be treated differently for taxation purposes.

GOODS AND SERVICES TAX – GST – A consumption tax imposed by the Commonwealth levied on the provision of goods and services.

GOVERNMENT FEES – State and government charges at the time of settlement, e.g. stamp duty, registration.

GOVERNMENT TOWN – A government town name forms part of a unique land description for land in gazetted towns under the Crown Lands Act. Parcels within these towns are designated as ‘allotments’.

GRACE PERIOD – A period when a mortgage payment or other debt becomes past due and before it goes into default.

GRADE – In topography, it refers to ground level.

GRADUATED LEASE – A lease which provides for a certain rent for an initial period, followed by an increase or decrease in rent over a stated period.

GRAIN – Describes the direction of growth of wood, as in “cutting along or against the grain”.

GREY WATER – Domestic wastewater flowing from the wet areas of the house: bathroom, laundry and kitchen. Unfit for human consumption. Depending on the situation, can be used to water gardens.

GRID – A framework of spaced main bars and cross tees in a suspended ceiling system.

GROUNDWATER – Water from a subsurface source.

GROUT – A thin, wet mixture of cement, sand and water or suitable similar material, used to seal gaps between masonry or ceramic pieces, such as tile.

GUARANTOR – A person who undertakes to fulfil a contract if the main party defaults.

GUTTER – (i) A channel running the length of the eaves of a building which carries off rainwater, usually by means of downpipes.
(ii) The ridge formed by the edge of a street and raised footpath or a depressed ridge in a road’s shoulder which is a control for the flow of storm water.

GYPROCK – Manufactured panels made out of gypsum plaster sandwiched between cardboard material, used especially for interior walls. Sometimes called plasterboard or drywall.

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