Word | Definition |
Nail inspection | An inspection made by a municipal building inspector after the drywall material is hung with nails and screws (and before taping). |
Nail pops | Nails in load-bearing parts of new homes that pop out slightly because of settling of the structure.
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Natural finish | A transparent finish which does not seriously alter the original color or grain of the natural wood. Natural finishes are usually provided by sealers, oils, varnishes, water repellent preservatives, and other similar materials. |
NEC (National Electrical Code) | A set of rules governing safe wiring methods. Local codes—which are backed by law—may differ from the NEC in some ways. |
Needs-based pricing | A seller's asking price that is based on factors such as the required funds to pay off the mortgage, the cost of remodeling or the purchase of another house.
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Negative amortization | The situation occurs when a borrower's monthly payment is not large enough to cover both the principal and interest of a loan. As a result, the outstanding balance of the loan actually grows larger with each payment rather than smaller. Most fixed-rate loans are not subject to negative amortization, but many adjustable-rate mortgages are susceptible.
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Negative amortization | The situation occurs when a borrower's monthly payment is not large enough to cover both the principal and interest of a loan. As a result, the outstanding balance of the loan actually grows larger with each payment rather than smaller. Most fixed-rate loans are not subject to negative amortization, but many adjustable-rate mortgages are susceptible.
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Negative-slope driveway | A driveway that drops from street level to the garage.
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Negative-slope driveway | A driveway that drops from street level to the garage.
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Neo-traditional planning | Planning of a community that favors the return of new-home development with such traditional features as grid-street patterns, prominent front porches, backyard garages, multi-use buildings and housing clustered near commercial service
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Neo-traditional planning | Planning of a community that favors the return of new-home development with such traditional features as grid-street patterns, prominent front porches, backyard garages, multi-use buildings and housing clustered near commercial service
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Neoprene | A synthetic rubber having physical properties closely resembling those of natural rubber. It is made by polymerizing chloroprenes, and the latter is produced from acetylene and hydrogen chloride. |
Net cash flow | Investment property that generates income after expenses such as principal, interest, taxes and insurance are subtracted.
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Net cash flow | Investment property that generates income after expenses such as principal, interest, taxes and insurance are subtracted.
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Net worth | The worth of a person or company based on the difference between total assets and liabilities.
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Net worth | The worth of a person or company based on the difference between total assets and liabilities.
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Neutral wire | Usually color-coded white, this carries electricity from an outlet back to the service panel. Also see hot wire and ground. |
New Urbanism | A community design philosophy that favors the return of new-home development with such traditional features as prominent front porches, backyard garages, multi-use buildings and housing clustered near commercial service areas.
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New Urbanism | A community design philosophy that favors the return of new-home development with such traditional features as prominent front porches, backyard garages, multi-use buildings and housing clustered near commercial service areas.
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Newel post | The large starting post to which the end of a stair guard railing or balustrade is fastened. |
Niche | A small recessed area in a wall, traditionally arched at the top.
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NIMBY (Not In My Back Yard) | The response sometimes given by neighborhoods and communities to proposed changes or development.
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NIMBY (Not In My Back Yard) | The response sometimes given by neighborhoods and communities to proposed changes or development.
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No cash-out refinance | The amount of the new mortgage covers the remaining balance of the first loan, closing costs, any liens and cash no more than 1 percent of the principal on the new loan.
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No cash-out refinance | The amount of the new mortgage covers the remaining balance of the first loan, closing costs, any liens and cash no more than 1 percent of the principal on the new loan.
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No-competition lots | A lot in which the buyer's home will be constructed by a particular builder.
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No-competition lots | A lot in which the buyer's home will be constructed by a particular builder.
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No-documentation loan | A loan application that does not require verification of income but typically is granted in cases of large down payments.
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No-documentation loan | A loan application that does not require verification of income but typically is granted in cases of large down payments.
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Non-assumption clause | A loan provision that prohibits the transfer of a mortgage to another borrower without lender approval.
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Non-assumption clause | A loan provision that prohibits the transfer of a mortgage to another borrower without lender approval.
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Non-liquid asset | An asset such as a house that is not easily turned into cash.
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Non-liquid asset | An asset such as a house that is not easily turned into cash.
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Non-recurring closing costs | Costs that are one-time only fees for such items as an appraisal, loan points, credit report, title insurance and a home
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Non-recurring closing costs | Costs that are one-time only fees for such items as an appraisal, loan points, credit report, title insurance and a home
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Non-Skinning | Descriptive of a product that does not form a surface skin. |
Non-Staining | Characteristic of a compound that will not stain a surface. |
Nonbearing wall | A wall supporting no load other than its own weight. |
Nosing | The projecting edge of a molding or drip or the front edge of a stair tread. |
Notarize | To prove execution of a document by means of a certificate of acknowledgment by a Notary Public.
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Notarize | To prove execution of a document by means of a certificate of acknowledgment by a Notary Public.
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Notch | A crosswise groove at the end of a board. |
Note | Written evidence of a debt by a borrower that includes a promise of payment in accordance with specified terms. A valuable document which must not be lost even when paid in full. In real property trans-
actions, a note is usually secured by a deed of trust.
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Note | Written evidence of a debt by a borrower that includes a promise of payment in accordance with specified terms. A valuable document which must not be lost even when paid in full. In real property trans-
actions, a note is usually secured by a deed of trust.
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Note | A formal document showing the existence of a debt and stating the terms of repayment. |
Note rate | The interest rate specified in a mortgage note.
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Note rate | The interest rate specified in a mortgage note.
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Notice of Completion | A notice which should be recorded it indicate the completion of improvements made to real property. A valid notice of completion limits the time for filling mechanic's liens.
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Notice of Completion | A notice which should be recorded it indicate the completion of improvements made to real property. A valid notice of completion limits the time for filling mechanic's liens.
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Notice of Default | Recorded notice of a borrows failure to perform the obligations in a deed of trust and/or note.
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Notice of Default | Recorded notice of a borrows failure to perform the obligations in a deed of trust and/or note.
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Nozzle | The part of a heating system that sprays the fuel of fuel-air mixture into the combustion chamber. |
