Glossary

G

Grace Period - The period during which one party may fail to perform without being considered in default. .

Grantee - The person to whom an interest in property is conveyed.  For example, in a land contract sale the Grantee is most often referred to as the Purchaser.

Grantor - The person conveying an interest in property.  For example, in a land contract sale the Grantor is most often referred to as the Seller.

Guaranty - A written promise by one party to pay a debt or perform an obligated contracted by another in the event that the original obliger fails to payor perform as contracted. For example, a parent may guarantee payments owed by a son or daughter.

H

Hazard Insurance - A type of insurance bought to insure property against any losses due to fire, theft, vandalism, etc. Most land contracts require the Purchaser to carry hazard insurance at all times in order to protect the Seller from insurable losses.

Heir - One who inherits property:

Hereditaments - Any property, whether real or personal, tangible or intangible, that may be inherited.

Homeowner's Policy - An insurance policy designed especially for homeowners. Usually protects an owner from losses by common disasters, theft, etc.

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