There are 34 names in this directory beginning with the letter N.
A thorough appraisal report in which the appraiser summarizes the data and the appraisal methods used, to convince the reader of the soundness of the estimate; a more comprehensive presentation than a form report or an opinion letter.
A human being, an individual (as opposed to an artificial person, such as a corporation).
Natural Servitude, Doctrine of
A legal prin_ciple which holds that a property owner is li_able for any damage caused by diverting or channeling flood waters from his or her prop_erty onto someone else's.
A body of water large enough so that watercraft can travel on it in the course of commerce.
Failure to exercise reasonable care; conduct that falls below the standard of care that a reasonable person would exercise under the circumstances.
An instrument con_taining an unconditional promise to pay a cer_tain sum of money to order or to bearer, on demand or at a particular time. It can be a check, promissory note, bond, draft, or stock. See: Note, Promissory.
Net Operating Income (NOI)
From income producing property, the gross income minus the total of all expenses except for debt service. Cash flow is defined as NOI minus the total of all debt service payments.
No Income Verification Loan (NIV)
A type of loan generally limited to the self-employed that is underwritten based on the borrower's written representation of their annual income as stated on the loan application. No tax returns, operating statements or other verification of the income is required. Debt ratios are computed based on the stated income. The primary intent of these programs is to allow owners of small businesses to use their actual cash flows rather than the net incomes normally reported in tax filings. Higher inter
Nominal Interest Rate
The interest rate stated in a promissory note. Also called the note rate or coupon rate. Compare: Annual Percentage Rate.
A loan not meeting the underwriting requirements of Fannie Mae and Freddie Mac. I.e., the vast majority of loans.
An arrangement in which a real estate licensee acts as a facilitator or go-between for a seller and a buyer, without establishing an agency relationship with either party. Compare: Facilitator.
A property use that does not conform to current zoning requirements, but is allowed because the property was being used in that way before the present zoning ordinance was enacted.
An interest in prop_erty that does not include the right to possess and occupy the property; an encumbrance, such as a lien or an easement.
An individual who acts as an intermediary between a holder of an existing note and a prospective purchaser of the note.
A promissory note that calls for regular payments of principal and interest until the debt is fully paid.
A promissory note that calls for regular payments of interest only, so that the entire principal amount is due in one lump sum at the end of the loan term.
Notice of Default
A notice sent by a secured creditor to the debtor, informing the debtor that he or she has breached the loan agreement.
Notice of Non-responsibility
A notice that a property owner may record and post on the property to protect his or her title against me_chanics' liens, when someone other than the owner (such as a tenant) has ordered work on the property.
Actual knowledge of a fact, as opposed to knowledge imputed by law (con_structive notice).
Knowledge of a fact im_puted to a person by law. A person is held to have constructive notice of something when he or she should have known it (because he or she could have learned it through reasonable dili_gence or an inspection of the public record), even if he or she did not actually know it.
1. The withdrawal of one party to a contract and the substitution of a new party, relieving the withdrawing party of liability. 2. The substitution of a new obligation for an old one.