Property Legal Terms (G)

Contractor who assumes responsibility for completing a construction project, under contract to the owner, and hires, supervises and pays all subcontractors.

The total value of a business as carried on, with all its assets and liabilities, good will and potentialities. If the premises used are owned by the business, they form part of the going concern value on the basis of their value to the business.

Transaction done with good intention, honesty, fairness without deceit and with honorable intention

A period of time after a payment such as loan or insurance premium, becomes due, before one is subject to penalties, late charges, forfeiture or cancellation.

A clause in the legislation that allows the continuation of a business, practice, activity, etc., that was permitted by legislation but currently considered not permissible by a change in the legislation

A term that refers to a transfer of property by deed or the property so transferred

A deed, conveying property owned by an individual or a company, to another individual or a company. Contains clauses that secure it against any prior conveyances or encumbrances.

The person to whom an interest in real property is conveyed.

The person conveying an interest in real property.

A lease in which the lessor pays all the costs of operation. A gross lease is a lease at a fixed amount allowing the lessee to know exactly how much rent will be due and payable each period during the term of the lease. The lessor pays all taxes,insurance, and maintenance on the property.

the rent paid by the lessee for the use of land

A person who makes or gives guarantee. The rent paid by a lessee for the use of the land.

An agreement by which one person assumes responsibility for paying another's debts or fulfilling another's responsibilities