Dictionary of Terms - N

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Narrative Appraisal Report: A detailed written presentation of the facts and reasoning behind an appraiser's estimate of value.
Negative Amortization: Occurs when a borrower's monthly payment is too small to cover both the principal and interest of a loan, so the outstanding balance of the loan actually grows larger with each payment. Many adjustable rate mortgages are susceptible to this.
Negotiable Instrument: A written promise or order to pay a specific sum of money that may be transferred by endorsement or delivery. The transferee then has the original payee's right to payment.
Neighborhood Life Cycle: The period during which most of the properties in a neighborhood undergo the stages of development, equilibrium and decline.
Neighborhood: A geographical area that possesses similar demographic, architectural, and societal characteristics and features that distinguish it from another geographical area.
Net Cash Flow: Income from an investment property after expenses such as principal, interest, taxes and insurance.
Net Income Ratio: The ratio of net operating income to effective gross income.
Net Lease: A lease in which the tenant pays part or all of the costs of maintenance including taxes, insurance, repairs and other expenses of ownership. Sometimes known as an absolute net lease, triple net lease or net, net, net lease.
Net Listing: A listing based on the net price the seller will receive if the property is sold. Under a net listing the broker can offer the property for sale at the highest price obtainable to increase the commission. This type of listing is illegal in many states.
Net Operating Income (NOI): The income projected for an income-producing property after deducting losses for vacancy and collection and operating expenses.
Net Operating Income: Income remaining after operating expenses are deducted from effective gross income.
Net Worth: The worth of a person or company based on the difference between total assets and liabilities.
No-cash-out Refinance: When the amount of the new mortgage covers the remaining balance of the first loan plus closing costs and any liens, and yields no more than 1 percent of the new loan's principal in cash.
No-documentation Loan: A loan application that does not require verification of income or assets and is generally based on a combination of strong credit with a large down payment.
Nonagent: An intermediary between a buyer and seller or landlord and tenant who assists both parties with a transaction without representing either. Also known as a facilitator, transaction broker, transaction coordinator and contract broker.
Non-assumption Clause: A loan provision that prohibits the transfer of a mortgage to another borrower without lender approval.
Non-conforming Loan: A non-conforming loan is any loan that doesn't meet the qualifications or is too large to be purchased by Fannie Mae or Freddie Mac.
Non-Conforming Use: A use that does not currently conform to the zoning regulations of an area. It is a use that was lawfully established prior to the zoning and is maintained, but does not now conform because of a change of zoning ordinances.
Nonhomogeneity: A lack of uniformity; dissimilarity. Because no two parcels of land are exactly alike real estate is said to be nonhomogeneous.
Non-liquid Asset: An asset such as a house that is not easily turned into cash.
Nonrecurring Closing Costs: Fees that are only payable once such as appraisal, loan points, credit report, title insurance and home inspection.
Note Rate: The interest rate specified in a mortgage note.
Note: A legal document that requires a borrower to repay a mortgage at a certain interest rate over a specified period of time.
Notice Of Revision: Notice sent to a property owner if his property has been reassessed.
Notification Date: The date on which new assessments become available to the public.
Novation: Substituting a new obligation for an old one or substituting new parties to an existing obligation.
Nuncupative Will: An oral will declared by the testator in his or her final illness made before witnesses and afterward reduced to writing.

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