NATIONAL ASSOCIATION OF REALTORS - Formerly known as the
National Association of Real Estate Boards (NAREB), it is the
largest and most prestigious real estate organization in the
world.
NEGATIVE CASH FLOW - The investment situation where cash
expenditures to maintain an investment (taxes, mortgage
payments, maintenance, etc.) exceed the cash income received
from the investment.
NEGOTIABLE INSTRUMENT - Any written instrument which may be
transferred by endorsement or delivery so as to vest legal
title.
NEGOTIATION - The transaction of business aimed at reaching a
meeting of minds among the parties; bargaining.
NET INCOME - The sum arrived at after deducting from gross
income the expenses of a business or investment, including taxes
and insurance, and allowances for vacancy and bad debts; what
the property will earn in a given year's operation.
NET LEASE - A lease, usually commercial, whereby the lessee pays
not only the rent for occupancy, but also pays maintenance and
operating expenses such as tax, insurance, utilities and
repairs. Thus the rent paid is "net" to the lessor.
NET WORTH - The value remaining after deducting liabilities from
assets.
NOMINAL CONSIDERATION - A consideration bearing no relation to
the real value of the contract. A deed often recites a nominal
consideration, such as "ten dollars and other valuable
consideration."
NON-COMPETITION CLAUSE - A provision in a contract or lease
prohibiting a person from operating or controlling a nearby
business which would compete with one of the parties to the
contract.
NONCONFORMING USE - A permitted use which was lawfully
established and maintained but which no longer conforms to the
current use regulations because of a change in the zoning.
NONDISTURBANCE CLAUSE - A clause inserted in a mortgage whereby
the mortgagee agrees not to terminate the tenancies of lessees
who pay their rent if the mortgagee forecloses on the mortgagor-lessor's
building.
NORMAL WEAR AND TEAR - That physical deterioration which occurs
in the normal course of the use for which a property is
intended, without negligence, carelessness, accident or abuse of
the premises (or equipment or chattels) by the occupant, members
of household, or their invitees or guests.
NOTE - A document signed by the borrower of a loan, stating the
loan amount, the interest rate, the time and method of repayment
and the obligation to repay. The note is the evidence of the
debt.
NOTICE - (1) Legal notice is notice which is required to be made
by law, or notice which is imparted by operation of law as a
result of the possession of property or the recording of
documents. (2) Notice which is required by contract, for
example, when the parties agree to terminate a contract by the
written notice of either party 30 days prior to termination.
NOTICE OF COMPLETION - Document filed to give public notice that
a construction job has been completed and that mechanics' liens
must be filed within ,say, 45 days to be valid.
NOTICE OF DEFAULT - A notice to a defaulting party that there
has been a default.
NOTICE TO QUIT - A written notice given by a landlord to his
tenant, stating that the landlord intends to regain possession
of the leased premises and that the tenant is required to quit
and remove himself from the premises either at the end of the
lease term or immediately if there is a breach of lease or if
the tenancy is at will or by sufferance; sometimes refers to the
notice given by the tenant to the landlord that he intends to
give up possession on a stated day.
NOVATION - The substitution of a new obligation for an old one;
substitution of new parties to an existing obligation, as where
the parties to an agreement accept a new debtor in place of an
old one.
NUISANCE - Conduct or activity which results in an actual
physical interference with another person's reasonable use or
enjoyment of his property for any lawful purpose.
NULL & VOID - Having no legal force or effect; of no worth;
unenforceable; not binding.
Sell a Home in Payson Utah
