Real Estate Glossary

Our glossary is the largest dictionary of real estate and construction terms on the Internet with almost 10,000 definitions.
 
Na - Ne - Ni - Nor
Normalizing
Heating metal to a specified temperature and then cooling to change the properties of the material.
Normal Wear and Tear
Physical depreciation arising from age and ordinary use of the property.
Norman Brick
Solid core brick measuring 4 x 2 2/3 x 12 inches.
Norwegian Brick
Solid core brick measuring 4 x 3 1/2 x 12 inches. Also come sin a 6 x 3 1/2 x 12 inch size.
Nosing
Front edge of a stair tread that extends over the riser.
Not In My Back Yard (NIMBY)
Attitude of not wanting any additions or changes in your own neighborhood.
Notarize
To attest in one's capacity as a Notary Public, to the genuineness of a signature.
Notary Public
Public officer given the right to authenticate a document, accept a person's oath, administer depositions, and to conduct other activities in commercial business. An official seal is used by the Notary.
Notch
A cut in the surface or edge of an item. The act of making a cut in a surface or edge of an object.
Note
A legal document, which specifies that a borrower must repay a loan at a certain rate within a specified time.
Note Rate
Interest rate specified in a mortgage note.
Notes Payable
Funds due to a lender.
Notes Receivable
Funds owed to an individual or entity by a borrower.
Notice
Official communication of a legal action or one's intent to take an action.
Notice of Cancellation Clause
Notice, often in writing, in which an individual or business gives a notice of termination to another, pursuant to a cancellation provision in a contract to forestall future liability. Alternately, a notice given between an insurer and a re-insurer or an insurer and an insured of the termination of a contract or policy at the time of renewal, or in the latter case, for nonpayment of premium payments.
Notice of Cessation
Notice to one or more individuals to cease and desist from performing a particular action.
Notice of Default
The initial action taken by a lender when a mortgage falls into arrears and attempts to reconcile the issue out of court have failed. The Notice will normally give the defaulting party the terms necessary to remedy a default and the time period during which is must occur.
Notice of Non-responsibility
Clearly stated notice that an owner or operator will not assume responsibility for an inherent risk.
Notice of Pendency
Also called a Lis Pendens. Latin for suit pending. Recorded notice of the filing of suit, the outcome of which may affect title to a certain piece of property.
Notice To Pay Rent Or Quit
Also called a three-day notice to quit, this notice by a landlord to tenant to either pay rent due or vacate the premises. With a long-term lease, the notice may list penalties.
Notice To Quit
Notice to a tenant to vacate rented property.
Notorious Possession
Open and active occupancy of a piece of real estate that acknowledges the fact that you are in possession. Notorious possession is one of the important tests when finding for or against a claim of property under adverse possession, which is to acquire land by unauthorized but lengthy occupation.
Novation
Substitution of a subsequent borrower in place of the original borrower, who is then released from liability. This must be done with the approval of the lender.
NPV
Net present value. Method of determining whether expected performance of a proposed investment promises to be adequate. The difference between the present value of cash inflows generated by real estate and the amount of the initial investment. The present value of future cash flows is computed using the cost of capital (minimum desired rate of return, or hurdle rate) as the discount rate.
Nuclear
  1. Involving the nucleus of an atom.
  2. Atomic energy or power.
  3. Referring to material that gives off radiation.
Nuclear Density Meter
An instrument that measures soil density using gamma radiation.
Nuclear Soil Compaction Test
Measuring soil compaction using a nuclear density meter.
Nuisance
A land use whose associated activities are incompatible with surrounding land uses. An activity by a property owner that annoys or seriously disturbs other property owners making it discomforting to use their own property.
Null
  1. Equal to zero.
  2. Non-binding, void.
Null and Void
That which cannot be legally enforced, as with a contract provision that is not in conformance with the law, such as prohibiting the rental of property based on sex, race or religion.
Nunc Pro Tunc
Latin for Now and Then. Descriptive of actions which are performed after a deadline has elapsed, but retroactively have the same effect as if they were carried out in a timely manner.
Nuncupative Will
An oral will made by a testator/testatrix, before an insufficient number of witnesses, just prior to death. Nuncupative wills depend on the oral testimony of those witnesses present as proof. They are illegal in several states and are enforceable in others only if they meet specific guidelines.
Nut
A fastener with a threaded hole that receives a bolt.
Nut Driver
A tool that fits over a bolt and is used for tightening or removing the bolt.

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Landmark Realty
Office:(541)
929-2586
       
(800)
346-0630
Fax:  (541) 929-3548

landmarkrealty@casco.net

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Philomath OR 97370

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