What Is a Graduated Lease? A graduated lease is an agreement under which a tenant and landlord agree to a periodic adjustment of monthly payments. For example, the agreement may reflect an increase in the tenant’s payments due to market conditions or an increase in the value of the leased property. How a Graduated Lease
What Is a Graduated Payment Mortgage (GPM)? A graduated payment mortgage (GPM) is a type of fixed-rate mortgage for which the payments increase gradually from an initial low base level to a higher final level. Typically, the payments will grow between 7% to 12% annually from their initial base payment amount until the full monthly payment amount is reached. Key
What Is the Graduate Management Admission Test (GMAT)? The GMAT, which stands for the graduate management admission test, is a standardized test intended to measure a test taker’s aptitude in mathematics, verbal skills, and analytical writing. The GMAT is most commonly used as the primary exam reviewed by business schools to gain entrance into an
What Is the Grain Futures Act of 1922? The Grain Futures Act of 1922 is a federal statute that was passed in 1922 by the U.S government. The Act established a new restriction: all grain futures are required to be traded on regulated futures exchanges. The Act also required exchanges to make more information public
What Is a Grandfathered Bond? A grandfathered bond is a classification of bonds issued in Europe prior to March 1, 2001, that excludes payments made on these bonds from EU retention taxes. A retention tax is one that is automatically withheld or paid directly to the government. The term grandfathered refers to the fact that
What Is a Grandfathered Health Plan? The term “grandfathered health plan,” or legacy health plan, refers to health insurance policies created or purchased prior to passage of the Affordable Care Act (ACA). Key Takeaways A legacy health plan is one introduced prior to the passage of the ACA in March 2010.Legacy health plans are exempt
What Is a Grant Deed? A grant deed, also known as a special or limited warranty deed, is a legal document used to transfer real estate between a previous owner (the grantor) and a new owner (the grantee). A grant deed warrants that: The grantor has not transferred the property to anyone else, and The
What Is a Grantee? A grantee is the recipient of a grant, scholarship, or some other asset such as real estate property. In contrast, a grantor is a person or entity that conveys ownership of an asset to another person or entity: the grantee. Identifying the grantee and grantor is especially important in legal documents
What Are Federal Grants In Aid? A federal grant is financial aid awarded to fund a specific project or program. Recipients include state, local, and municipal governments, as well as individuals. Federal grants in aid are funded with money from income tax revenues. These grants are not loans; therefore, no repayment is required, but funds
What Is a Grantor? A grantor is an individual or other entity that creates a trust (i.e., the individual whose assets are put into the trust) regardless of whether the grantor also functions as the trustee. The grantor may also be referred to as the settlor, trustmaker, or trustor. A grantor can also refer to the
