| National
Association Of Realtors |
Formerly known as the National Association of Real Estate Boards
(NAREB), it is the largest and most prestigious real estate
organization in the world. |
| Negative Cash
Flow |
The investment situation where cash
expenditures to maintain an investment (taxes, mortgage payments,
maintenance, etc.) exceed the cash income received from the
investment. |
| Negotiable
Instrument |
Any written instrument which may be
transferred by endorsement or delivery so as to vest legal title in
the transferee. |
| Negotiation |
The transaction of business aimed at
reaching a meeting of minds among the parties; bargaining. |
| Net Income |
The sum arrived at after deducting
from gross income the expenses of a business or investment,
including taxes and insurance, and allowances for vacancy and bad
debts; what the property will earn in a given year's operation.
|
| Net Lease |
A lease, usually commercial, whereby the lessee
pays not only the rent for occupancy, but also pays maintenance and
operating expenses such as tax, insurance, utilities and repairs.
Thus the rent paid is "net" to the lessor. |
| Net Worth |
The value remaining after deducting
liabilities from assets. |
| Nominal
Consideration |
A consideration bearing no relation
to the real value of the contract. A deed often recites a nominal
consideration, such as "ten dollars and other valuable
consideration." |
| Non-Competition Clause
|
A provision in a contract or lease
prohibiting a person from operating or controlling a nearby business
which would compete with one of the parties to the contract. |
| Nonconforming Use |
A permitted use which was lawfully
established and maintained but which no longer conforms to the
current use regulations because of a change in the zoning. |
| Nondisturbance
Clause |
A clause inserted in a mortgage
whereby the mortgagee agrees not to terminate the tenancies of
lessees who pay their rent if the mortgagee forecloses on the
mortgagor-lessor's building. |
| Normal Wear And
Tear |
That physical deterioration which
occurs in the normal course of the use for which a property is
intended, without negligence, carelessness, accident or abuse of the
premises (or equipment or chattels) by the occupant, members of
household, or their invitees or guests. |
| Note |
A document signed by the borrower of
a loan, stating the loan amount, the interest rate, the time and
method of repayment and the obligation to repay. The note is the
evidence of the debt. When secured by a mortgage, it is called a
mortgage note. |
| Notice |
(1) Legal notice is notice which is
required to be made by law, or notice which is imparted by operation
of law as a result of the possession of property or the recording of
documents. (2) Notice which is required by contract, for example,
when the parties agree to terminate a contract by the written notice
of either party 30 days prior to termination. |
| Notice Of
Completion |
Document filed to give public notice
that a construction job has been completed and that mechanics' liens
must be filed within ,say, 45 days to be valid. |
|
Notice Of Default |
A notice to a defaulting party that there has been a default,
usually providing a grace period in which to cure the default.
|
| Notice Of Nonresponsibility
|
A legal notice designed to relieve a
property owner from responsibility for the cost of improvements
ordered by another person. |
| Notice To Quit |
A written notice given by a landlord
to his tenant, stating that the landlord intends to regain
possession of the leased premises and that the tenant is required to
quit and remove himself from the premises either at the end of the
lease term or immediately if there is a breach of lease or if the
tenancy is at will or by sufferance; sometimes refers to the notice
given by the tenant to the landlord that he intends to give up
possession on a stated day. |
| Novation |
The substitution of a new obligation
for an old one; substitution of new parties to an existing
obligation, as where the parties to an agreement accept a new debtor
in place of an old one. |
| Nuisance |
Conduct or activity which results in
an actual physical interference with another person's reasonable use
or enjoyment of his property for any lawful purpose. |
| Null & Void |
Having no legal force or effect; of
no worth; unenforceable; not binding. |