|
NARRATIVE APPRAISAL
A summary of all factual
materials, techniques and appraisal methods used by the appraiser
in setting forth his or her value conclusion.
NEGATIVE AMORTIZATION
Occurs when monthly
installment payments are insufficient to pay the interest accruing
on the principal balance, so that the unpaid interest must be
added to the principal due.
NEGOTIABLE
Capable of being negotiated,
assignable or transferable in the ordinary course of business.
NET INCOME
The money remaining after expenses
are deducted from income; the profit.
NET LEASE
A lease requiring a lessee to
pay charges against the property such as taxes, insurance and
maintenance costs in addition to rental payments.
NET LISTING
A listing which provides that
the agent may retain as compensation for agent's services all
sums received over and above a net price to the owner.
NOMINAL INTEREST RATES
The percentage of
interest that is stated in loan documents.
NOTARY PUBLIC
An appointed officer with
authority to take the acknowledgment of persons executing documents,
sign the certificate, and affix official seal.
NOTE
A signed written instrument acknowledging
a debt and promising payment, according to the specified terms
and conditions. A promissory note.
NOTE RATE
This rate determines the amount
of interest charged on an annual basis to the borrower. Also
called the "accrual rate", "contract rate" or "coupon rate".
NOTICE
(l) Actual Notice - Express
or implied knowledge of a fact. (2) Constructive notice - A
fact, imputed to a person by law, which should have been discovered
because of the person's actual notice of circumstances and the
inquiry that a prudent person would have been expected to make.
(3) Legal Notice - Information required to
be given by law.
NOTICE OF NONRESPONSIBILITY
A notice provided
by law designed to relieve property owner from responsibility
for the cost of unauthorized work done on the property or materials
furnished therefor; notice must be verified, recorded and posted.
NOTICE TO QUIT
A notice to a tenant to vacate
rented property.
NOVATION
The substitution or exchange of
a new obligation or contract for an old one by the mutual agreement
of the parties.
NULL AND VOID
Of no legal validity or effect. |
