Glossary

G

GABLE – The end of a building, triangular in shape; the vertical plane which lies above the eaves and between the slope of a ridged roof.

GABLE ROOF – A ridged roof, the ends of which form a gable. 

GARDEN APARTMENTS – A term used to distinguish an apartment development of two or more buildings which has a garden-like setting. They are usually two or three storeyed walk-up buildings. These residential units in a multi-storey block have part of the ground floor garden area included in their title and which therefore enjoy exclusive use of what would otherwise be common property. 

GAZUMPING – Where the vendor agrees to sell a property, but then sells it to someone else or raises the price.

GENERAL LAW TITLE – There are two systems of providing title to land. One is the Torrens Title System which uses government —recorded certificates of title. The other is the very much older system under which title is proved by showing what is known as a good root of title, that is a series of documents showing the whole of the history of the land over a prescribed period and showing by that history who is currently the lawful proprietor of the land. Also referred to as; common law title, and old systems title.

GEORGIAN ARCHITECTURE – A formal colonial style adapted from English design of the eighteenth century; characterised by simple lines, balanced window openings, doors and chimneys.

GOING CONCERN – A business in actual operation and working order. One in which the transfer of ownership would affect no interruption of business.

GOOD TITLE – Title to real estate sufficiently free of defects, e.g. easements, restrictive covenants, mortgages, etc.

GOODS and SERVICES TAX (GST) – A consumption tax levied on the final consumer of the goods or services. The supplier of the transaction is responsible for collecting the GST and then sending it to the Australian Taxation Office (ATO). Businesses with an Australian Business Number (ABN) can reclaim the GST from the ATO as input tax credit.

GRACE PERIOD – A period when a mortgage payment or other debt becomes past due, and before it goes into default. Most mortgages provide for a specified period of time when it can be paid without penalty or default.

GRAIN RENT – The payment of rent in the form of grain or other crops for the right to farm the land. It is more commonly known as sharecropping.

GRADUATED LEASE – A lease which provides for a certain rent for an initial period, followed by an increase or decrease in rent over a stated period.