NEGOTIABLE INSTRUMENT
A written promise or order to pay a specific sum of money that may be transferred by endorsement or delivery. The transferee then has the original payee's right to payment.
NET LEASE A lease requiring the tenant to pay not only rent but also operating expenses such as taxes, insurance, maintenance and other costs of the leased property.
NET LISTING A listing based on the net price where the broker's commission is an amount above a net price set by the owner. If that price is not met, a commission is not earned. Under a net listing the broker can offer the property for sale at the highest price obtainable to increase the commission. This type of listing is illegal in many states.
NET OPERATING INCOME (NOI) The income projected for an income-producing property after deducting operating expenses from gross income.
NONCONFORMING USE A use of property that is permitted to continue after a zoning ordinance prohibiting it has been established for the area. Most nonconforming uses are allowed to continue but may not be expanded or enlarged.
NON-HOMOGENEITY A lack of uniformity; dissimilarity. Because no two parcels of land are exactly alike, real estate is said to be nonhomogeneous.
NOVATION Substituting a new debt or obligation for an old one or substituting new parties to an existing obligation on consent of all people involved.
NUNCUPATIVE WILL An oral will declared in the presence of witnesses by the testator in his or her final illness, made before witnesses and transcribed by another.
NET LEASE A lease requiring the tenant to pay not only rent but also operating expenses such as taxes, insurance, maintenance and other costs of the leased property.
NET LISTING A listing based on the net price where the broker's commission is an amount above a net price set by the owner. If that price is not met, a commission is not earned. Under a net listing the broker can offer the property for sale at the highest price obtainable to increase the commission. This type of listing is illegal in many states.
NET OPERATING INCOME (NOI) The income projected for an income-producing property after deducting operating expenses from gross income.
NONCONFORMING USE A use of property that is permitted to continue after a zoning ordinance prohibiting it has been established for the area. Most nonconforming uses are allowed to continue but may not be expanded or enlarged.
NON-HOMOGENEITY A lack of uniformity; dissimilarity. Because no two parcels of land are exactly alike, real estate is said to be nonhomogeneous.
NOVATION Substituting a new debt or obligation for an old one or substituting new parties to an existing obligation on consent of all people involved.
NUNCUPATIVE WILL An oral will declared in the presence of witnesses by the testator in his or her final illness, made before witnesses and transcribed by another.