Continued from…
Real Estate Glossary N [Part 2]
Nail inspection
After the drywall has been nailed and screwed up, a municipal building inspector will perform a final inspection.
Nailer
Mechanical fastening of roofing materials can be accomplished by attaching a wooden strip to a concrete, masonry, or steel deck.
NAMB
The National Association of Mortgage Brokers is a trade group in the United States that represents the needs of mortgage brokers.
Natural finish
A clear coat that leaves the natural wood’s colour and texture untouched.
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Natural Gas Meter
A finish that does not alter the wood’s natural colour or texture.
NEC (National Electrical Code)
A collection of guidelines for the proper installation of electrical wiring.
Needle Beam
Threaded steel or wood beam used to sustain a bearing wall and its imposed loads during foundation underpinning.
Negative pledge
Condominiums often impose financing limits on unit deeds and trust agreements, which prevent owners from borrowing more than a predetermined sum to purchase a condominium unit.
Neighborhood boundaries
Land usage, main streets, prominent man-made and natural features, as well as the subjective limits set by the nearby property owners, determine a neighborhood’s boundaries.
Neighborhood center
This centre is intended to provide convenient shopping for the day-to-day needs of consumers in the surrounding area. According to the ICSC’s SCORE publication, a supermarket anchors half of these centres, while a drugstore anchors about a third.
These anchors are supported by stores that sell pharmaceuticals and health-related products, as well as sundries, snacks, and personal services. A neighbourhood centre is typically laid out as a straight line with no enclosed walkway or mall area, though a canopy may connect the storefronts.
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Neutral leverage
A type of investment in which the cost of borrowing money is the same as the return on the investment.
Neutral wire
This wire connects a wall socket to the main power supply.
Newel post
Starting point for a stair guard railing or balustrade that is attached to a huge starting post.
No money down loan
Loan amount is equal to the complete purchase price of a property, making this a mortgage loan.
Non-basic employment
Non-export-oriented employment is defined as work that is not associated with export-oriented activities. Non-basic employment is best defined by industries and activities that manufacture goods and services solely for local use or consumption.
Non-household population
This is the part of the population that isn’t considered to be part of the local housing market. It is made up of people who live in dorm-like places (like military bases) or in institutions (such as students in residence halls).
Nonbearing wall
A wall that can bear no more weight than it does.
Nonrecourse note
A sort of loan in which the borrower is not personally liable for the repayment of the principal.
Notarize
To ensure that a signature on a legal document, such as a lease or a contract of sale, is genuine, the document must be notarized by a Notary Public.
Notch
A groove cut into the end of a board in a transverse direction.
Notice of foreclosure sale
An item used in a judicial foreclosure is a notice of foreclosure sale.
Notice of Lis Pendens
One that informs everyone who cares about an asset’s title that it is the subject of legal action, and that any judgement entered against the property will be attached to it.
Notice of termination
Either the landlord or the tenant can give notice at the end of a lease that they want to end the rental agreement and move out.
Notice of trustee’s sales
If the owner doesn’t pay their balance during the default period, a notice of trustee’s sale is given, which notifies the public that the property will be sold at public auction.
Nozzle
In a boiler, this is the component that sprays a fuel-air mixture into the combustion chamber for burning.
National asset management agency (NAMA)
In reaction to the Irish financial crisis, the Irish government established a ‘bad bank’ in 2009 to acquire property development debts from Irish banks.
NCREIF
The National Council of Real Estate Investment Fiduciaries is a non-profit organisation in the United States that is supported by its members. It publishes different types of real estate returns, such as total return, income return, and capital appreciation return, depending on the type of property and where it is located.
Negative amortisation limit
The most a negative amortising loan’s balance can go up before the loan-to-value ratio goes over a certain limit. When this limit is reached, the loan’s repayment plan is changed so that the full balance is paid off by the end of the loan’s term.
Net operating cash flow (NOCF)
Total income minus operating costs and adjustments, but before mortgage payments, tenant improvements, replacement income, and leasing commissions. This is what many financial calculations are based on (for example debt service coverage ratios).
Net receivables
The sum of the principal balance of receivables minus any interest due on those receivables.
Net rent
The income from a property after all expenses, like repairs, insurance, and management, have been taken out, but before taxes are paid.
Net stable funding ratio (NSFR)
A measurement of how many long-term, stable sources of funding an institution uses in relation to the liquidity profiles of the assets it has funded and the possibility of contingent calls on funding liquidity from off-balance sheet commitments and obligations. This has been proposed in the Basel III Accord.
Netting
The process of terminating or cancelling reciprocal obligations shared by two parties to an agreement or contract, in which such duties are replaced by a single financial obligation from one party to the other.
NICE
A period of non-inflationary consistent expansion that followed the UK Government’s decision to give the Bank of England the authority to determine interest rates shortly after the 1997 General Election.
Non consolidation opinion
A key part of a SPE or a remote entity in bankruptcy. This is a legal opinion that says an entity’s assets won’t be merged with those of its related companies in a big way.
Non-recourse
A Borrower has no liability for a Loan other than the assets it has supplied as Security to a Lender. If the secured assets are insufficient to pay the Borrower’s liability to the Lender, the Lender will have no recourse against the Borrower.
Nonperforming
A loan or other receivable for which the borrower hasn’t paid on time at least three times or is about to go into default. Depending on the terms of the loan, many loans stop being paid after 3 months of being late.
Nonperforming loan
A Mortgage Loan or other debt instrument for which the Borrower or Obligor has missed at least three payments.
Noteholder
A Note or other Security’s owner.
Notice rights
Subordinated lenders are often given rights that let them know when the loan is not being paid back or when a special service transfer event has happened. paired with the right to cure.
Notional amount
The amount that is used to figure out how much interest is due on a debt that has no principal balance or a principal balance that is not the same as the balance used to figure out interest.
Net rentable area
The area of a building’s floor that is left after vertical penetrations like elevator shafts, stairways, pipes and HVAC chases have been taken into account. Common areas and mechanical rooms are counted, and the building’s important columns and projections are not taken away. (BOMA Standard).