Miami Office:
4000 Ponce de Leon Blvd
Suite 470
Coral Gables, Florida 33146

Phone: (305) 777-0482
Fax: (305) 675-3271

Boca Raton Office:
6111 Broken Sound Pkwy NW
Suite 330
Boca Raton, Florida 33487

Phone: (561) 443-7124
Fax: (561) 431-0419

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GLOSSARY-G

Garnishment
The process of obtaining a court order requiring a person or agency to hold funds owed to someone who allegedly is in debt to another party.

Generation Skipping
Refers to a grandparent giving gifts to a grandchild through a trust, skipping the grandchild’s parent in the process. Originally used as a tactic to avoid or defer federal gift or estate taxes, a generation skipping tax is now incurred if made through a trust, while standard gift taxes apply if made directly, without a trust.

Gift Tax
A federal tax levied on gifts; some states also impose gift taxes. Gifts to family members may be given tax-free up to $10,000 per year per family member plus an additional $30,000 accumulation of gifts.

Good Faith Estimate
An estimate of closing costs that a lender is required, under the federal Real Estate Settlement Procedures Act, to disclose to a buyer within three days of a mortgage loan application.

Grace Period
A time stipulated in a contract during which a late payment or performance may be made without penalty.

Graduated Payment Mortgages (GPM)
Mortgages that begin with lower monthly payments that gradually increase over a number of years before eventually reaching a fixed rate and remaining there for the life of the loan.

Grandfathered In
Refers to the use of property as it was before certain restrictions or zoning ordinances were instated.

Grant
A transfer of from one title holder (the grantor) to another (the grantee), with or without payment, as a deed, of which there are two types. A grant deed warrants, or guarantees, that the grantor has full title and right to the property, while a quitclaim deed only grants what the grantor owns, which in some cases, could be nothing, and comes with no guarantee.

Gratuitous
Free, or voluntary.

Gravamen
A Latin term meaning “to weigh down,” refers to the basic idea underpinning every claim or charge in a lawsuit complaint.

Gross Negligence
Reckless disregard for the safety of others that appears in the eyes of the law to be a conscious violation of other people’s rights to safety.