General Contractor
The prime contractor who contracts for the construction of an entire
building or project, rather than just a portion of the work. The
general contractor hires subcontractors (e.g., plumbing,,
electrical, etc.), coordinates all work, and is responsible for
payment to subcontractors.
General Partner
A member of a partnership who has authority to bind the partnership. A
general partner also shares in the profits and losses of the
partnership. See also "limited partnership."
Graduated Lease
A lease, generally long term in nature, which provides that the rent
will vary depending upon future contingencies, such as a periodic
appraisal, the tenant's gross income or simply the passage of time.
Grant
To bestow or transfer an interest in real property by deed or other
instrument; either the fee or a lesser interest, such as an
easement.
Grantee
One to whom a grant is made.
Grantor
The person making the grant.
Gross Absorption
A measure of the total square feet leases over a specified period of
time with no consideration given to space vacated in the same
geographic area during the same time period. See also "Net
Absorption".
Gross Building Area
The total floor area of the building measuring from the outer
surface of exterior walls and windows and including all vertical
penetrations (e/g/ elevator shafts, etc.) and basement space.
Gross Lease
A lease in which the tenant pays a flat sum for rent out of which
the landlord must pay all expenses such as taxes, insurance,
maintenance, utilities, etc.
Ground Rent
Rent paid to the owner for use of land, normally on which to build a
building. Generally, the arrangement is that of a long-term lease
(e.g. 99 years) with the lessor retaining title to the land.
Guarantor
One who makes a guaranty. See also "Guaranty".
Guaranty
Agreement whereby the guarantor undertakes collaterally to assure
satisfaction of the debt of another or perform the obligation of
another if and when the debtor fails to do so. Differs from a surety
agreement in that there is a separate and distinct contract rather
than a joint undertaking with the principal. See also "Guarantor".
