The Following are real estate terms and topics: Starting With the Letter (N)
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Are you confused and overwhelmed by the extensive terms and words used in real estate? Every person working in real estate or planning to buy or sell real estate can benefit from learning some of the terms….
Real Estate Terms N
Negative amortization
The situation in which partial payments are made on in debt, but instead of lowering the debt gradually, it increases the debt gradually. This can occur if payments made do not cover the interest, which then is added to the balance over time.
Net cash flow
The amount of money leftover from the income of a property after all costs and expenses of the property have been paid.
Net worth
The business owner’s equity in a company calculated by subtracting the company’s total liabilities from its total assets.
No cash-out refinance
A mortgage that carries with it an interest rate that is lower than the costs incurred from the property’s closing and the starting principal amount of the loan.
Non liquid asset
An asset or possession that cannot be converted into cash quickly. Stocks and bonds are liquid assets because they are easy to sell quickly, but property is considered a non-liquid asset because there is no guarantee it will sell within a certain time period.
Note
A legal document that obligates a borrower to repay a mortgage loan at a stated interest rate during a specified period of time.
Note rate
The percentage paid by a borrower for the use of money, usually expressed as an annual percentage on a promissory note.
Notice of default
A letter sent to a defaulting party as a reminder of the default. Such a notice may state a grace period and the penalties for failing to cure the default.
Novation
The substitution of a new contract or obligation for an existing agreement or promise, either by canceling the old contact or substituting a new party in the place of the individual who made the previous agreement.
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