- Nail InspectionAn inspection made by a municipal building inspector after the drywall material is hung with nails and screws (and before taping). Read More
- National Electrical CodeA set of rules governing safe wiring methods. Local codes-which are backed by law-may differ from the NEC in some ways. Read More
- National Kitchen and Bath AssociationThe National Kitchen and Bath Association, which is a nonprofit trade association that represents the kitchen and bath industry. Read More
- National Uniform Plumbing CodeA complex manual of acceptable plumbing standards for safety purposes. Read More
- Natural FinishA transparent finish which does not seriously alter the original color or grain of the natural wood. Natural finishes are usually provided by(...) Read More
- Natural Finish CabinetCabinets that are shipped without a finish are considered natural finish cabinets. Natural finish cabinets offer the flexibility of finishing(...) Read More
- Natural GasA gas mixture consisting mainly of methane that is sometimes used to heat homes and for gas-powered ovens and stove tops. Read More
- Negative AmortizationAn increase in the balance of a loan caused by adding unpaid interest to the loan balance; this occurs when the payment does not cover the(...) Read More
- Net Cash FlowThis is the Target Cash Flow that will be available to distribute to investors through dividend payments. Net Cash Flow = Rent Payments -(...) Read More
- Net Effective RentRental rate adjusted for lease concessions. Read More
- Net Monthly IncomeAmount of monthly income remaining after all deductions (including taxes and benefit withholdings) have been taken. Read More
- Net-Net LeaseA lease agreement in which the tenant is responsible for both property taxes and premiums for insuring the building. Read More
- Net Operating IncomeA before-tax figure showing all property revenue after subtracting essential operating expenses while not including amortization, capital(...) Read More
- Net WorthThe value of a company or individual’s assets, including cash, less total liabilities. Read More
- Net YieldThe net yield is the annual profit (income minus costs) generated by any asset divided by its price. In real estate terms, the net yield(...) Read More
- Net-Zero-EnergyHomes that use energy produced by solar panels, so the amount of energy they create is equal to the amount they use over a course of a year. Read More
- Neutral WireUsually color-coded white, this carries electricity from an outlet back to the service panel. Read More
- NewelA support post placed vertically, generally joining sections with railing and balusters. Read More
- Newel PostThe large starting post to which the end of a stair guard railing or balustrade is fastened. Read More
- NM electrical cableA type power cable with a nonmetallic jacket used by electricians that meets electrical code requirements for safe installation and wiring. Read More
- No Cash-Out RefinanceA rate-and-term refinance changes the interest rate, the term – or both the rate and the term – of an existing mortgage without advancing any(...) Read More
- Nominal dimensionsLabels given to a standard piece of lumber before it is finished by planning; sometimes sanded down to its actual dimensions. Read More
- Non-Assumption ClauseA statement in a mortgage contract forbidding the assumption of the mortgage by another borrower without the prior approval of the lender. Read More
- Non-Conforming LoanA mortgage loan that does not conform to regulatory limits such as loan amount, loan-to-value ratio, and other characteristics. Read More
- Non-Disclosure StateIn non-disclosure states, the sales price of real property is not recorded and made available through the public record. There are 12(...) Read More
- Non-Liquid AssetAn asset that cannot easily be converted into cash. Read More
- Non-Owner OccupiedA real estate classification that means the property owner does not occupy the property as their personal residence (primary residence or second(...) Read More
- Non-Qualified MortgageA specialized type of mortgage that falls outside the Consumer Financial Protection Bureau’s (CFPB) requirements to be considered qualified(...) Read More
- Non-RecourseA mortgage or deed of trust securing a note without recourse allows the lender to look only to the security (property) for repayment in the(...) Read More
- Non-Warrantable CondominiumCondo projects and properties which don't meet Fannie Mae and Freddie Mac warrantability standards and is therefore ineligible to financing(...) Read More
- Nonbearing WallA wall inside a property that does not bear any structural weight of a building. Read More
- Nonconforming LoanA loan that exceeds the mortgage amount eligible for purchase by Fannie Mae or Freddie Mac. Read More
- NosingThe projecting edge of a molding or drip or the front edge of a stair tread. Read More
- NotchA crosswise groove at the end of a board. Read More
- NoteA written promise to pay a specified amount under the agreed upon conditions. Read More
- Note RateThe interest rate stated on a mortgage note, or other loan agreement. Read More
- Notice of DefaultA notification given to a borrower stating that he or she has not made their payments by the predetermined deadline or is otherwise in default(...) Read More
- Notice of Foreclosure SaleIn nonjudicial foreclosure states, there is no trial. Lenders simply issue a notice of intent to foreclose, alerting the borrower that the(...) Read More
- Notice of TerminationThe notice given by either the landlord or tenant that they want to end the rental agreement and vacate the property in compliance with the(...) Read More
- Notice of Trustee SaleInforms homeowners and mortgage borrowers of record that their home will be sold at a trustee’s sale on a specific date and at a specific location. Read More