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TermDefinition
- Nail InspectionAn inspection made by a municipal building inspector after the drywall material is hung with nails and screws (and before taping).
- 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.
- NECA set of rules governing safe wiring methods. Local codes-which are backed by law-may differ from the NEC in some ways.
- Natural FinishA transparent finish which does not seriously alter the original color or grain of the natural wood. Natural finishes are usually provided by sealers, oils, varnishes, water repellent preservatives, and other similar materials.
- Natural Finish CabinetCabinets that are shipped without a finish are considered natural finish cabinets. Natural finish cabinets offer the flexibility of finishing the cabinets in your own unique style if you don't mind the extra work.
- Natural GasA gas mixture consisting mainly of methane that is sometimes used to heat homes and for gas-powered ovens and stove tops.
- 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 interest due.
- Net Effective RentRental rate adjusted for lease concessions.
- Net Monthly IncomeAmount of monthly income remaining after all deductions (including taxes and benefit withholdings) have been taken.
- NMIAmount of monthly income remaining after all deductions (including taxes and benefit withholdings) have been taken.
- Net-Net LeaseA lease agreement in which the tenant is responsible for both property taxes and premiums for insuring the building.
- Double Net LeaseA lease agreement in which the tenant is responsible for both property taxes and premiums for insuring the building.
- NNA lease agreement in which the tenant is responsible for both property taxes and premiums for insuring the building.
- Net Operating IncomeA before-tax figure showing all property revenue after subtracting essential operating expenses while not including amortization, capital expenditures, and depreciation.
- NOIA before-tax figure showing all property revenue after subtracting essential operating expenses while not including amortization, capital expenditures, and depreciation.
- Net WorthThe value of a company or individual’s assets, including cash, less total liabilities.
- 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 provides an assessment of the return that you’ll get from a property after all expenses have been deducted.
- 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.
- Neutral WireUsually color-coded white, this carries electricity from an outlet back to the service panel.
- NewelA support post placed vertically, generally joining sections with railing and balusters.
- Newel PostThe large starting post to which the end of a stair guard railing or balustrade is fastened.
- Nominal dimensionsLabels given to a standard piece of lumber before it is finished by planning; sometimes sanded down to its actual dimensions.
- Non-Assumption ClauseA statement in a mortgage contract forbidding the assumption of the mortgage by another borrower without the prior approval of the lender.
- Non-Conforming LoanA mortgage loan that does not conform to regulatory limits such as loan amount, loan-to-value ratio, and other characteristics.
- 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 non-disclosure states (Alaska, Idaho, Kansas, Louisiana, Mississippi, Missouri (some counties), Montana, New Mexico, North Dakota, Texas, Utah and Wyoming).
- Non-Liquid AssetAn asset that cannot easily be converted into cash.
- Non-Owner OccupiedA real estate classification that means the property owner does not occupy the property as their personal residence (primary residence or second home).
- Non-Qualified MortgageA specialized type of mortgage that falls outside the Consumer Financial Protection Bureau’s (CFPB) requirements to be considered qualified mortgages and uses non-traditional methods of income verification to help a borrower get approved for a loan to be used for new home purchases, refinances, investment homes, or second homes.
- Non-QMA specialized type of mortgage that falls outside the Consumer Financial Protection Bureau’s (CFPB) requirements to be considered qualified mortgages and uses non-traditional methods of income verification to help a borrower get approved for a loan to be used for new home purchases, refinances, investment homes, or second homes.
- 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 event of default, and not personally to the borrower. The lender's only recourse in the event of default is the security (property), and the borrower is not personally liable.
- Non-Warrantable CondominiumCondo projects and properties which don't meet Fannie Mae and Freddie Mac warrantability standards and is therefore ineligible to financing through a conforming conventional mortgage.
- Nonbearing WallA wall inside a property that does not bear any structural weight of a building.
- Curtain WallsA wall inside a property that does not bear any structural weight of a building.
- NosingThe projecting edge of a molding or drip or the front edge of a stair tread.
- NotchA crosswise groove at the end of a board.
- NoteA written promise to pay a specified amount under the agreed upon conditions.
- Note RateThe interest rate stated on a mortgage note, or other loan agreement.
- 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 on the mortgage contract. Initiated action in a non-judicial foreclosure proceedings involving a public sale of the real property securing a deed of trust. The trustee under the deed of trust records a Notice of Default and Election to Sell ("NOD") the real property collateral in the public records.
- NODA notification given to a borrower stating that he or she has not made their payments by the predetermined deadline or is otherwise in default on the mortgage contract. Initiated action in a non-judicial foreclosure proceedings involving a public sale of the real property securing a deed of trust. The trustee under the deed of trust records a Notice of Default and Election to Sell ("NOD") the real property collateral in the public records.
- 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 foreclosure process has begun. They will also need to advertise the sale, usually in a newspaper, for at least a few weeks before the scheduled sale date. The property's actual selling is done via auction, and usually by the local sheriff’s department. In many cases, banks and lenders are forced to purchase the properties back due to a lack of buyer interest. These are then dubbed bank-owned properties or real estate-owned properties (REOs), and the lender then makes efforts to sell those directly to a buyer. Many banks and larger financial institutions list their REO properties somewhere on their website.