Definitions Of Key Real Estate Terms N
This article provides the definitions of key estate terms beginning with the letter N.
Net Lease
Net Listing
is a listing base on the net price the seller will receive if the property is sold.
Net Operating Income
is the income after subtracting from gross income all fixed expenses such as maintenance, property taxes, operating expenses, bad debts, and vacancy allowance.
Net Worth
is the value after subtracting a person or entity’s liabilities from their assets.
Nominal Interest Rate
is the state rate of interest on a note or loan. The nominal rate is typically less than the Actual Percentage Rate.
Nonconforming Use
is a permitted use of real property that was permissible at the time of construction but in not allowable under current zoning ordinances.
Note
is a document signed by the borrower of a loan and states the loan amount, the interest rate, the time and the method for repayment, and the obligation to repay the loan.
Notice of Default
is notice to the defaulting party that a default has occurred.
Novation
is the substitution of a new obligation for an old obligation.
Negative Cash Flow
is the situation when the cash expenditures to maintain an investment property are greater than the gross cash income from the property.
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Definitions Of Key Real Estate Key Terms N
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