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| Term |
|
Description |
|
| Negotiable |
|
Transferable from one person to another by being delivered with or without endorsement so
that the title passes to the transferee. |
|
| Net Listing |
|
A listing which provides that the agent may retain, as compensation for his services all sums
received over and above a net price to the owner. |
|
| Net Worth |
|
Value remaining after subtracting the liabilities from the assets of a company or an individual. |
|
| Nonconforming Use |
|
A use that was lawfully established and maintained, but no longer conforms to the use
regulations of the zone in which it is located because of a subsequent change in a zoning
ordinance. |
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| Notary Public (Notary) |
|
A public officer who attests or certifies writings (as a deed) to make them authentic and
takes affidavits, depositions, and protests of negotiable paper. |
|
| Note |
|
A promisory note which provides that payments of a certain sum or amount be paid on the
dates specified in the instrument. See also: Promisory Note,
Installment Note) |
|
| Notice of Default |
|
A notice filed to show that the borrower under a mortgage or deed of trust is in default
(behind on the payments). |
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| Notice of Non-Responsibility |
|
A notice, provided by law, designed to relieve a property owner from responsibility for the
cost of improvements ordered by another person |
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| Notice of Rescission |
|
A recorded notice to rescind a notice of default of a mortgage or deed of trust. |
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