GARNISHMENT >> A legal proceeding under which a person?s money is in control of another and is taken for payment of a debt. The amount that may be taken is set by statute and, in most states, a judgment is necessary before garnishment.

GIFT LETTER >> A letter to the lender from the donor stating a gift of money has been made to the buyer in order to purchase specific property. The relationship of the donor and donee is stated, as well as the amount of the gift.

GRACE PERIOD >> A period of time past the due date for a payment during which a payment may be made and not considered delinquent and no late penalty will be charged.

GRANDFATHER CLAUSE >> The clause in a law permitting the continuation of a use, business etc., which, when established, was permissible but, because of a change in the law, is now not permissible.

GRANT DEED >> A written instrument used to transfer or convey real property. A grant deed contains warranties against prior conveyances or encumbrances.

GRANTEE >> One who received property rights when a grant is made. Generally, the buyer or purchaser of real property.

GRANTOR >> One who grants property or property rights to another .