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-N-
National
Association of Realtors (NAR)
A national
trade group of real estate licensees
National
Flood Insurance Program
See
Federal Emergency Management Agency, FEMA
Negative
Amortization
A loan in
which the outstanding principal balance goes
up instead of down because the monthly payments
are not large enough to cover the entire principal
and interest due. The amount of the shortfall
is added to the remaining balance to create
"negative" amortization.
Negative
Easement
The reasonable
right to compel a land owner to refrain from
blocking ones right to light or air which
would otherwise normally be a lawful use of
land.
Negotiable
An asset's capability of being assigned or
transferred in the ordinary course of business.
Net Cash Flow
The income
that remains for an investment property after
the monthly operating income is reduced by
the monthly housing expense, which includes
principal, interest, taxes, and insurance
(PITI) for the mortgage, homeowners' association
dues, leasehold payments, and subordinate
financing payments.
Net Worth
The value of
all of a person or businesses assets, including
cash, after all debt liabilities and obligations
have been subtracted.
New
England Farmhouse
An early-American-style
home that is simple and box-shaped with white
clapboard exterior siding and a steeply-pitched
roof for shedding heavy snow.
No Cash-Out Refinance
A refinance
transaction in which the new mortgage amount
is limited to the sum of the remaining balance
of the existing first mortgage, closing costs
including prepaid items, points, the amount
required to satisfy any mortgage liens that
are more than one year old if the borrower
chooses to pay them off, and other funds for
the borrower's use as long as the amount does
not exceed 1 percent of the principal amount
of the new mortgage.
Non-liquid Asset
An asset that
cannot easily be converted into cash. Investments
such as real estate, bonds, cars or boats,
are examples of non-liquid assets since they
can take a long time to sell.
Nonrecourse
Debt for which
a borrower is not held personally liable.
A lender agrees that in the event of default,
to take the pledged property as satisfaction
for the debt and have no claim on any other
assets of the borrower.
Nonresident
A person who
resides in another state.
Nonresidential
A type of property
other than housing such as office buildings,
shopping centers, industrial parks, churches,
etc.
Nonzoning
A
nonrestrictive use of the land by way of zoning
regulations.
Normal
Wear and Tear
The
physical depreciation of a property arising
from its age and normal use.
Note
A legal document
that obligates a borrower to repay a mortgage
loan at a stated interest rate during a specified
period to a named person, or order, or bearer,
a definite sum of money at a specified date
or on demand and that usually provides for
interest and which is secured by a mortgage
or trust deed. Also called a promissory note.
Note Rate
An annual interest
rate stated on a mortgage note.
Notice of Default
A letter sent
as a reminder to a borrower that he has breached
one or more of the loan covenants and that
legal action may be taken.
Null
and Void
Being of no
legal validity or effect.
The
definitions of Real Estate Definitions found
on 10Realty.com are for general information
only. All information is subject to change
and should be independently verified. 10Realty.com
makes no representations or warranties of
any nature with regard to the information
found on the pages therein. 10Realty.com assumes
no responsibility for any liabilities or losses
claimed or incurred as a result of using this
information. (Real Estate Terms, Investment
Terms, Banking Terms explained, definitions,
legal definitions, legal terms and definitions)
