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NAME CHANGE - In conveyancing, setting forth both the present name of the grantor and the name under which said grantor acquired title, if different. For example: Joan Doe, a married woman, who acquired title as (or also known as) Joan Smith.

NAR (NATIONAL ASSOCIATION OF REALTORS®) - association of people engaged in the real estate business. Organized in 1908, it currently lists over half a million members. With headquarters in Chicago, it is dedicated to the betterment of the real estate industry through education, legislation, and high ethical standards for its members.

NAREB (NATIONAL ASSOCIATION OF REAL ESTATE BOARDS) - national trade association whose members include not only real estate brokers, but appraisers, property managers, and other affiliated groups.

NARRATIVE APPRAISAL - most detailed of the appraisal reports in which conclusions are supported and explained. The requirements for reaching said conclusions, however, do not differ from the shorter letter report of any properly done appraisal.

NATIONAL ASSOCIATION OF REAL ESTATE BROKERS - organization dedicated to the betterment of the real estate industry and speci-fically to the role of blacks in the real estate industry. It is composed primarily of black real estate brokers who have adopted the term "Realists". Originally founded in Miami in 1947, the association is now based in Washington, D.C.

NATIONAL PRIORITIES LIST - list of sites which the Environmental Protection Agency considers the most hazardous and are not being used (usually abandoned). The list relies on the Hazard Ranking System (see which).

NATURAL DISASTER - Also See: Act of God.

NATURAL FINISH - finish which retains the color and appearance of the surface covered, such as varnish over wood, rather than paint.

NATURAL PERSON - human being rather than some type of business entity, such as a corporation, partnership, etc.

NATURAL RESOURCES - Resources of an area, such as minerals, oil, timber, water, etc. May also include people.

NATURALIZATION - Granting citizenship to an alien. In the United States, a naturalized citizen has the rights of a native citizen, with the exception that the naturalized citizen may not hold the office of president.

NAVIGABLE - (1) Capable of carrying commercial shipping, or boats for travel. (2) Any waters put to a public use are "navigable" in some states, giving the word a legal meaning different from its normal meaning.

NAVIGABLE WATERS - general term which legally differs in different jurisdictions. May mean a body of water capable of carrying a commercial vessel, or a body of water large enough to ebb and flow. In some areas, minor streams have been held to be navigable.

NEAP TIDE - tide during the first and third quarters of the moon; not as high as in the second and fourth quarters.

NEGATIVE AMORTIZATION - loan in which the outstanding principal balance goes up instead of down because the monthly payments are not large enough to cover the full amount of interest due. Also called deferred interest..

NEGATIVE CASH FLOW - When the income from an investment property does not equal expenses. The owner must come up with cash each month to meet these expenses.See also: Cash Flow.

NEGATIVE EASEMENT - servient estate or tenement. Also See: Easement Appurtenant.

NEGATIVE EQUITY LOAN - Also See: Title One Loan; Title One Look Alike Loan.

NEGATIVE LEVERAGE - loss that occurs when the cost of borrowing exceeds the return on the investment. Example: A building with a six percent return if debt free would return less if a seven percent mortgage were placed on the property.

NEGOTIABLE - Capable of being transferred by negotiation (e.g. A negotiable instrument) rather than being assigned. A Transferee by negotiation may acquire greater rights than an assignee. (Also See: Holder In Due Course).

NEGOTIABLE INSTRUMENT - As defined by the Uniform Commercial Code, article 3 - 104: "(1) Any writing to be a negotiable instrument within this article must (A) Be signed by the maker or drawer; and (B) Contain an unconditional promise or order to pay a sum certain in money and no other promise, order, obligation or power given by the maker or drawer except as authorized by this article; and (C) Be payable on demand or at a definite time; and (D) Be payable to order or to bearer". Instruments which may be negotiable are: a draft (bill of exchange); a check: a certificate of deposit; a note.

NEGOTIABLE ORDER OF WITHDRAWAL CHECKING ACCOUNT (NOW ACCOUNT) - interest bearing checking account which limits the amounts which may be withdrawn over a given period.

NEIGHBORHOOD - general term describing a contiguous area of similar properties. Since the development of tract housing, the term is not as significant.

NEIGHBORHOOD SHOPPING CENTER - group of retail stores, usually limited to food and convenience service stores (dry cleaner, barber, etc.) serving a limited area (neighborhood), and having common parking and ownership or management.

NET ACRE - acre which may be used for building of structures. For example: A builder buys ten acres of raw land on which to build houses. Three acres are used for streets, sidewalks, and other off-site improvements. The remaining seven acres are the net acres of the ten acre site.

NET AFTER TAXES - net income from property after income tax is paid. See also: Net Before Taxes; Net Income.

NET BEFORE TAXES - Net income before payment of income tax, but after payment of property taxes. See also: Net After Taxes; Net Income.

NET CASH FLOW - amount of money an investor pockets after paying all expenses of a property, including operating and mortgage costs. See also: Net Income; Net Operating Income (NOI).

NET EARNINGS - Also See: Net Income.

NET GROUND LEASE - net lease of unimproved land.

NET INCOME - difference between adjusted gross income and operating expenses. May or may not include depreciation.

NET INCOME MULTIPLIER - number which, when multiplied by the net income, gives the selling price. Found by dividing the sales price by the net income. Usually, a gross income multiplier is used.

NET LEASABLE AREA - Also See: Rentable Area

NET LEASE - lease requiring the tenant to pay, in addition to a fixed rental, the expenses of the property leased, such as taxes, insurance, maintenance, etc. In some states the terms net net, net net net, triple net, and other such repetitions are used. See also: Gross Lease.

NET LISTING - listing under which a real estate agent receives any amount over a given net amount to the seller. Illegal in some states.

NET LOSS - excess of expense over income for a given period. May be more complicated in accounting procedures.

NET NET; NET NET NET - Also See: Net Lease.

NET OPERATING INCOME (N.O.I.) - difference between the effective (also called adjusted) gross income of a property, and the operating expenses (not including debt service and book depreciation).

NET PROFIT - Remainder after deduction of all expenses from income for a given period. Generally classified as either net before taxes, or net after taxes.

NET RENTABLE AREA - Also See: Rentable Area.

NET RENTAL - Rental over and above the expenses of the property.

NET SALES AREA - area (usually expressed in square feet) in a retail store where products are displayed and sold.

NET USABLE ACRE - Also See: Net Acre.

NET WORTH - difference between total assets and liabilities of an individual, corporation, etc.

NEWEL - post around which winds a circular stairway. In a noncircular stairway, the major post at the bottom of the stairway or at a landing.

NO BONUS CLAUSE - clause under the eminent domain section of a lease, giving the lessee the right to recover only the value of his physical improvements in the event of a taking, and not the value of the leasehold interest (the difference between the fixed rent of the lease and current market rental value). Not applicable in all states.

NO CASH OUT REFINANCE - Replacing an existing mortgage or mortgages with a new mortgage in an amount that does not give the borrower money over and above the paying off of the existing liens and the cost of the new loan.

NOMINAL CONSIDERATION - Consideration in name only, and not related to the market value of the property. Still considered valuable consideration and the purchaser is considered a purchaser for value.

NOMINEE - Most commonly used in a deed, such as to John Doe, or nominee, when the actual grantee is not revealed. Has no legal meaning, other than representative of another.

NON LIQUID ASSETS - Those assets (things owned by a person) that cannot quickly be converted to cash. A home is an example. See also: Liquid Assets.

NON-FREEHOLD ESTATE - estate other than a fee estate or life estate. Example: A lease.

NONBEARING WALL - wall used only to separate areas, and which carries only its own weight.

NONCONFORMING USE - property which does not conform to the zoning of the area. Usually, the property was built in conformity and then the zoning was changed.

NONEXCLUSIVE LISTING - listing under which the real estate broker has an exclusive listing as opposed to other agents, but the owner may sell the property without using an agent, and not be liable to pay a commission. Also called an agency agreement.

NONJUDICIAL FORECLOSURE SALE - Sale by a trustee under a deed of trust, or mortgagee under a power of sale of a mortgage. There is no court (judicial) proceeding.

NONPROFIT CORPORATION - Also See: Eleemosynary Corporation.

NONRECOURSE LOAN - loan not allowing for a deficiency judgement. The lender's only recourse in the event of default is the security (property) and the borrower is not personally liable.

NONRECURRING EXPENSE - expense which does not usually repeat itself, such as a fire or other natural disaster.

NORMAL WEAR AND TEAR - Also See: Wear and Tear.

NOSING - edge of a step which projects over the riser below.

NOTARY PUBLIC - One who is authorized by the state or federal government, to administer oaths, and to attest to the authenticity of signatures. A federal authorization may extend the authority to attest to the authenticity of certain documents, and to act as a notary in foreign countries.

NOTE - unilateral agreement containing an express and absolute promise of the signer to pay a named person, or order, or bearer, a definite sum of money at a specified date or on demand. Usually provides for interest and, concerning real property, is secured by a mortgage or trust deed.

NOTE RATE - rate of interest set forth on a note. The note creates the promise to repay the debt; the mortgage uses the real estate to secure the promise to repay.

NOTICE - See types of notice: Actual; Constructive; Statutory.

NOTICE OF ACTION - recorded notice that property may be subject to a lien, or even that the title is defective, due to pending litigation. Notice of a pending suit. Also called "Lis Pendens".

NOTICE OF CESSATION - notice stating that work has stopped on a construction project. Done to accelerate the period for filing a mechanic's lien.

NOTICE OF COMPLETION - notice, recorded to show that a construction job is finished. The length of time in which mechanic's liens may be filed depends upon when and if a notice of completion is recorded.

NOTICE OF DEFAULT - notice filed to show that the borrower under a mortgage or deed of trust is in default (behind on payments).

NOTICE OF NONRESPONSIBILITY - notice filed by an owner of property to show that work being done has not been contracted for by said owner. If properly done, mechanic's liens will not attach to the property. Often done when a tenant contracts for work on property.

NOTICE OF RECISION - recorded notice to rescind a notice of default of a mortgage or deed of trust.

NOTICE TO QUIT - notice by a landlord to a tenant to vacate rented property. There are two types; for nonpayment of rent or a second type for any reason. Usually the notice for nonpayment allows less time to vacate.

NOTORIOUS POSSESSION - requirement for adverse possession. Possession so open (notorious) that the owner is presumed to have notice of it and its extent.

NOVATION - contract that releases the obligation of a party to an existing contract and substitutes another party. Differs from assignment or delegation in that all parties must agree and an assignor or delegator is not released of obligation.

NOW - Also See: Negotiable Order of Withdrawal.

NPL - Also See: National Priorities List.

NUISANCE - use of property which interferes with the use and enjoyment of other property by excessive noise, odors, fumes, or other harmful or unpleasant emissions.

NULL AND VOID - Void. Not legally binding. See also: Voidable.

NULLA BONA - No goods. The name of the return made by the sheriff to a writ of execution, when he has found no goods of the defendant on which to levy within the jurisdiction.

NUNC PRO TUNC - Now for then. Applied to acts or entries allowed to be done after they should have been done, with a retroactive effect.

NUNCUPATIVE WILL - verbal "death bed" will. Not valid in all states and restricted to personal property of limited value.

NUT - slang term Also See: Overhead.

Whatever your financing needs,
we will tailor a loan that's right for you.


Wall Street Journal
Commercial News

5/28/22 US Business

Big Lots, Hibbett Become Latest Retailers to Show Inflation Pain
Big-box chain Big Lots and sporting-goods retailer Hibbett saw double-digit sales declines as higher prices across the spectrum dent shopper spending power.

SEC Confirms Probe Into Elon Musk's Disclosure of Twitter Stake
The agency is asking the Tesla CEO why he didn?t make the required filing within 10 days after his Twitter stake crossed the 5% threshold.

Shoppers Are Fretting. Stores Are Listening.
Consumers are growing cautious, and companies from Walmart to Procter & Gamble are altering course to reflect changing budgets.

Flight Cancellations Pile Up Ahead of Holiday Weekend
Airlines are facing weather-related disruptions and grappling with staffing shortages as the Memorial Day holiday presents carriers with a first test in the run-up to an expected summer travel boom.

China Smartphone Demand Weakens Amid Covid Resurgence
From Apple to chip makers, companies warn of fewer shipments and weaker consumer spending in the world?s biggest smartphone market.

Household Spending Rise Leans on Savings
U.S. households boosted spending for a fourth straight month in April, but the savings rate fell to the lowest in 14 years, suggesting many Americans are tapping savings to offset cost increases from inflation.

Inflation Eased Slightly in April, According to Fed's Preferred Measure
Consumer prices rose 6.3% in April from a year earlier, down from 6.6% in March, as measured by the Commerce Department?s personal-consumption expenditures price index, but remained near a four-decade high.

BRE #:00619059
Charles Elfsten, President
Charles A. Elfsten
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