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NET LEASE
- A lease under which the tenant pays all or some of the
operating expenses.
NET LISTING
- A listing that provides the seller a specified net price.
Any money paid by the buyer in excess of this amount is the
broker's commission. Illegal in many states.
NOI
- Net Operating Income - After expenses and vacancy but before
any debt service. The amount which is capitalized to determine
value.
NOMINAL CONSIDERATION
- Stated in a deed, anything of value (usually in dollars),
but not the real value, being paid for the property.
NON-JUDICIAL FORECLOSURE
- A procedure for foreclosure of a mortgage or trust deed
without the need for court action. This is allowed by the
inclusion of a power of sales clause.
NONCONFORMING USE
- A use of property that seems to violate the zoning but is
allowed to continue because the use predated the zoning
ordinance.
NONWATERCOURSE
- A nonflowing body of water such as the ocean, sea, and some
lakes.
Notary Public
One authorized by law to acknowledge and certify documents and
signatures.
NOTE - A written promise
to pay money according to an agreed schedule (usually with
interest accruing at a stated rate).
NOTICE
- The actual or available knowledge (constructive notice) of a
claim of interest in real property.
NOTICE OF LIEN
- A document filed with the county recorder's office to
establish a claim against any property of the debtor.
NOVATION
- An assignment of rights and duties under a contract with a
full release of liability to the assignor.
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