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NAR National Association of Realtors. An association of people engaged in the real estate business. Organized in 1908, it currently lists almost a million members. With headquarters in Chicago, it is dedi
Natural Finish A finish which retains the color and appearance of the surface covered, such as varnish over wood, rather than paint.
Net Acre An acre which may be used for building of structures, for example: A builder bys 10 acres of raw land on which to build houses. Three acres are used for streets, sidewalks, and other off-site improve
Net Sales Area The area (Usually expressed in square feet) in a retail store where products are displayed and sold.
Net Worth The value of all assets less total liabilities. It is often used as an underwriting guideline to indicate credit worthiness and financial strength.
No Load An offering wherein there is no commission being paid on the sale of interests, no promotional interests. And the property is being purchased from an independent third party, or being purchased from t
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 and purchaser for value.
Nonbearing Wall A wall used only to separate areas, and which carries only its own weight.
Non-Judicial Foreclosure Sale Sale of property by the trustee or mortgagee under the power of sale in a deed of trust or mortgage. No right of redemption after sale.
Notary Public Person of proven integrity appointed by a state government to serve the public as an impartial witness with duties specified by law. The Notary has the power to witness the signing of documents and ad
Notorious Possession A requirement for adverse possession. Possession so open (notorious) that the owner is presumed to have notice of it and its extent.
Nuisance A use of property which interferes with the use and enjoyment of other property by excessive noise, odors, fumes, or other harmful or unpleasant emissions.
Negotiation Discussion, written or otherwise, between two or more parties of different sides, the aim being to reach a common agreement.
Net Present Value It is the present day value of the property derived by deducting depreciation amount from the replacement value of the property. The bungalow built in 1980 and having replacement value of Rs. 24 lakhs
No Objection Certificate Or NOC A certificate issued by the concerned local authority that the plans are in order and conform to the guidelines and rules in force. In other words, the authority concerned has NO OBJECTION to the comm
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