Real Estate Glossary N

Click on the beginning letter of the real estate term to find the definition.

A B C D E F G H I J L M O P Q R S T U V W Y

Nominal Interest Rate: The rate interest stated in a note or contract. This may not be the true or effective rate (actual cost) to the borrower.

Non-institutional Lender: A lender that is is not an institution, such as retirement funds, endowed universities, and private individual.

Non-judicial Foreclosure: A foreclosure by having property sold to satisfy the debt without going through court.

Notary Public: A person empowered to administer oaths and to attest or certify documents to assure their authenticity.

Note: An instrument in which one party, the maker or payor, promises to pay a definite sum of money to another, the payee, at a fixed or determinable future time or on demand.

Notice of Default: A notice that is recorded and is given to certain people entitled to it stating that a trust deed is in default and that the trust deed holder has chosen to have the property sold. This notice starts the running of a 3 month grace period during which the property owner can cure the default by paying up the debt that is past due.

Notice of Pre-lien: A document notifying the owner of real property that materials or services are being furnished to his real property, putting him on notice that the one sending it will look to have a lien against the real property if those materials or services are not paid for.

Notice of Trustee's Sale: A notice provided by law requiring the trustee to advertise the property in default, once a week for a period of 21 days, in a newspaper of general circulation.