United Country Guardian Real Estate - Dillon, Beaverhead Madison County Southwest Montana Real Estate for sale

Dictionary / Glossary / Directory
of Real Estate Terminology
Definitions & Commonly Used
Real Estate Terms

Confused & overwhelmed by the overwhelming number of real estate terms and words? Every person working in real estate or planning to buy or sell real estate can benefit by using this dictionary directory glossary of real estate terminology, definitions and commonly used terms.

Real Estate Terminology Definitions & Commonly Used Terms
In Alphabetical Order

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

    General Partner:

  • A partner, or joint venturer, who manages and who is held personally liable for all the debts of the partnership if it is unable to meet its obligations. Also, a general partner is fully liable for all the liabilities of his co-partner which are created while acting in the scope of the partnership’s business. General partners are equal managers of their partnership unless they have agreed otherwise in the partnership contract. Most states have adopted some version of the Uniform Partnership Act, which governs the rights and obligations of partners.
    • General Partnership:

    • Two or more persons, or entities, contractually bound to carry on a business activity for a profit. Any partner may declare a dissolution (termination) of the partnership at any time. Partnerships do not pay federal or state income taxes; tax consequences are "passed through" to the partners. Each partner is personally liable for all debts of the partnership. Profits and losses are divided in accordance with the partners’ profit and loss ratios.
      • Grace Period:

      • A period of time during which a tardy payment on a mortgage, not, or rent, will be accepted without penalty. The grace period is the time between the due date of a payment and the delinquent date, following which later time a penalty will/may be assessed.
        • Grandfather Clause:

        • A clause contained in many new laws that exempts current professionals and businesses from any new statutory requirements. However, these people and businesses normally remain subject to the old provisions and laws.
          "Grandfathering" or "Grandfathered" may also be the allowing of an historic use of a property based in an area which is now zoned differently or where CC&Rs exist.
          • Grant Deed:

          • A standard variety of deed used to transfer ownership in real property sales. The word grant has historical significance in that its use implies a certain warranty as a matter of law, that the grantor previously has not conveyed the subject real property.
            • Gross Lease:

            • A lease where all expenses of occupancy are paid by the landlord, i.e. real estate taxes, insurance and maintenance. It is opposite of a net lease.

            • Real Estate Terminology Definitions & Commonly Used Terms
              In Alphabetical Order

              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

              While great care has been undertaken to provide accurate explanations and definitions for real estate terms and words in our real estate terms dictionary glossary dirctory, no real estate vocabulary dictionary cannot be completely accurate in all jurisdictions. Any / all definitions are for general purposes only and should not be used for any legal purpose. By use of this dictionary glossary directory of real estate terms, you agree to hold United Country - Guardian Real Estate harmless for any responsibility for any liability, loss or risk that may be claimed or incurred as a consequence of using this information.