NET LISTING
A listing under which a real estate agent receives any amount over a given net amount to the seller. Illegal in some states.
NET LOSS
The excess of expense over income for a given period. May be more complicated in accounting procedures.
NET NET; NET NET NET
See: Net Lease.
NET OPERATING INCOME (N.O.I.)
The 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
See: Rentable Area.
NET RENTAL
Rental over and above the expenses of the property.
NET SALES AREA
The area (usually expressed in square feet) in a retail store where products are displayed and sold.
NET USABLE ACRE
See: Net Acre.
NET WORTH
The difference between total assets and liabilities of an individual, corporation, etc.
NEWEL
The 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
A 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
An estate other than a fee estate or life estate. Example: A lease.
NONBEARING WALL
A wall used only to separate areas, and which carries only its own weight.
NONCONFORMING USE
A 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
A 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.
