Glossary   

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G
General Contractor
A construction specialist who enters into a formal contract with a developer to construct a real estate building or project.

Generator Cap
The capacity of the generator.

Good Faith
Bona fide; an act is done in good faith if it is in fact done sincerely, whether negligently or not.

Grace Period
An agreed-on time after an obligation is overdue during which a party can perform without being considered in default.

Grantee
A person who receives a conveyance of real property from a grantor.

Grantor
The person transferring an interest in real property to a grantee.

Gross Area
In commercial leasing, the gross floor area is the entire square footage within the floor’s perimeter, calculated to the inside finish of the permanent outer building walls or to the glass line in newer buildings, with no allowance made for structural projections and with a required minimum ceiling height of 7˝ feet.

Gross Lease
A lease of property under which the lessee pays fixed rent and proportionate increases above a base amount established for real estate taxes and operating costs. Typically assessed on a per annum or fiscal basis.