GENERAL CONTRACTOR: The party that contracts for the construction of an entire building or project rather than a portion of the work. The general contractor hires subcontractors, (e.g. plumbing contractors, electrical contractors, etc.), coordinates all work, and is responsible for payment to the 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, with varied rental payments and usually based on periodic appraisal or simply the passage of time or other contingencies such as amount of traffic or gross income produced.
GRANT: To transfer an interest in real property such as the fee or a lesser interest (e.g. an easement).
GRANTEE: One to whom a grant of property or property rights is made; generally, the buyer.
GRANTOR: One who grants property or property rights; generally, the seller.
GROSS ABSORPTION: A measure of the total square feet of leased land or buildings, over a specified period 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 in an office building measured in square feet or square meters that is associated with that building’s use as an office building. The area extends to the outer surface of exterior walls and windows and includes office area, retail area, and other rentable areas such as vending machine space and storage area but excludes parking and roof space.
GROSS LEASE: A lease that provides that the landlord shall pay all expenses of the leased property, such as taxes, insurance, maintenance, utilities, etc.
GROUND LEASE: A lease covering the use of land only, with the lease sometimes secured by improvements installed by the tenant. Also called a land lease.
GROUND RENT: Rent paid for vacant unimproved property. If the property is improved, ground rent is that portion of the total earnings attributable to the land only.
GUARANTOR: One who makes a guaranty. Person who becomes secondarily liable for another’s debt or performance in contrast to a strict surety who is primarily liable with the principal debtor. (See also Guaranty.)
GUARANTY: Agreement whereby the guarantor agrees to pay the debt or perform the obligation of another who fails to do so. Differs from a surety agreement in that there must be a failure to pay or perform before the guaranty can be in effect. Generally, rent is paid for a long-term lease with lessor retaining title to land. It is commonly renewable. Office buildings, hotels, and similar large structures in cities are commonly built on land under such types of ground leases.