Real Estate Glossary

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Process whereby private or government-sponsored development of certain aging neighborhoods results in the displacement of low- or moderate-income families by the more affluent and leads to an increase in property values.

Grace period
Specified period of time to meet a commitment after it becomes due, without penalty or default. For example, most lenders allow a two-week grace period after the due date of the mortgage payment before a late fee is imposed.

Graduated payment mortgage
Mortgage loan for which the initial payments are low but increase over the life of the loan.

Person named in a deed who acquires ownership of real estate; the buyer.

Person named in a deed who conveys ownership of real estate; the seller.

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