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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
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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
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(Real Estate Terms, Investment Terms, Banking Terms
explained, definitions, legal definitions, legal
terms and definitions)
