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Real Estate Terminology

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

NATURAL VACANCY RATE
The normal, average or traditional percentage of rental properties in a community that are not leased or occupied.

NEGATIVE AMORTIZATION
When the periodic payments on a loan are not sufficient to pay the interest which has accumulated during the previous period resulting in an increase rather than a decrease in the amount owing on the mortgage.

NEGATIVE AMORTIZATION CAP
A limit, expressed as a percentage of the principal, of the negative amortization allowed under a variable or adjustable rate mortgage.

NEGATIVE CASH FLOW
When a business or property generates less money in a given period than the cost of operating and maintaining it.

NEGOTIABLE INSTRUMENT
A document which has a cash value which may be traded, given or sold.

NEGOTIABLE RATE MORTGAGE
See adjustable rate mortgage or variable rate mortgage.

NEGOTIATION
The act of discussing an issue between two or more parties with competing interests with an aim of coming to an agreement.

NEIGHBORHOOD LIFE CYCLE
The pattern of development and change of a neighbourhood over a period of time.

NEIGHBORHOOD
An area of a municipality which is identifiable by a common use, a common atmosphere or a common business area.

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 EFFECTIVE INCOME
A person's gross pay minus federal taxes.

NET INCOME
The amount of money left over after all costs and expenses have been paid.

NET LEASABLE AREA
The area in a building which is available for rent to tenants (excludes common areas, wasted space, etc.).

NET LEASE
A rental agreement wherein the tenant pays a portion of the expenses of the property in addition to the rent set out in the agreement; the landlord receives the full amount of the rent paid with no liability for expenses.

NET OPERATING INCOME (NOI)
The income from a property or business left over after the costs of operating the property or business have been paid.

NEW ENGLAND COLONIAL
A two-and-a-half storey, early-American house which is generally symmetrical in shape with a shingle-covered gable roof, often made of clapboard siding.

NEW ENGLAND FARMHOUSE
Another simple, symmetrical, early-American house, often with a steeply inclined roof and white siding.

NO CASH-OUT REFINANCE
The replacement of a matured loan with a new loan where no additional principal is borrowed and added to the loan.

NO CHANGE SCENARIO
A method of calculating the future payments required under a variable or adjustable rate mortgage on the assumption that the index (and therefore the interest chargeable on the mortgage) will not change.

NO MONEY DOWN
Slang description of real estate purchase strategies which allow the purchaser to obtain title to a property while paying little or no money of her own.

NOMINAL LOAN RATE
The interest rate stated on the loan agreement.

NON-ASSUMPTION CLAUSE
A term of a mortgage contract that forbids the transfer of the mortgage to a new owner without prior consent of the lender.

NON-CONFORMING USE
The occupation and use of a property in a fashion which is contrary to the zoning regulations for the property. A Legal Non-conforming Use is one where the non-conforming use predates the zoning by-law such that, as long as it is continued, it is legal.

NONDISTURBANCE CLAUSE
A term of a mortgage which guarantees that leases regarding the subject property will be allowed to continue uninterrupted in the event of mortgage default.

NONEXCLUSIVE LISTING
A real estate listing to which no one agent or broker has claim.

NON-RESIDENT OF CANADA
A term of the Income Tax Act, a non-resident owner of a property in Canada faces certain tax consequences upon the sale of the property. Vendors are usually required to sign a certificate stating that they are not non-residents of Canada or provide a certificate from Revenue Canada either exempting the sale from tax or setting out the amount of tax chargeable to the Vendor that the Purchaser is required to pay directly to Revenue Canada out of the purchase price.

NORMAL WEAR AND TEAR
Damage to the condition of an asset which results from use and the passage of time.

NOTARIAL COPY
A facsimile of a document which has been examined by a Notary Public and certified to be an accurate reproduction of the original.

NOTARIZE
To confirm the signature of another in one's official capacity as a notary public.

NOTARY PUBLIC
A designation authorized by law and administered by the government, allowing a designated person to verify and certify signatures and copies of documents.

NOTE
A written instrument of indebtedness, promising to pay a certain person a particular sum of money upon stated terms.

NOTE RATE
The interest rate as set out in the mortgage/loan contract.

NOTICE
Written warning to another of a person's intention to do something or take some (legal) action.

NOTICE OF DEFAULT
The written notice sent by a lender to a borrower stating that the borrower has not met his obligations under the loan contract and the lender may take legal action to enforce the agreement.

NOTICE OF EARLY TERMINATION OF TENANCY
A form under Ontario's Tenant Protection Act in which one party to a lease gives official warning that she intends to end the lease on the date stated in the notice, for the reasons set out in the notice.

NOTORIOUS POSSESSION
Occupation and control of a property which is obvious and accepted by the public. May lead to a claim of title under the rules of adverse possession if the possessor is not the owner of the property.

NOVATION
The substitution of a new person for one of the parties to an agreement, on consent of all people involved.

NUISANCE
A legal term referring to any use of land which interferes with the use and enjoyment of neighbouring lands. A nuisance may be actionable by the injured party.

NULL AND VOID
Unenforceable, no longer of any effect. A contract for which a condition precedent has failed is considered "null and void".

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