Property and real estate glossary
There are 150 entries in this glossary.All
| Term | Definition |
|---|---|
| NET LEASABLE AREA |
The space in a development, outside of the common areas, that can be rented to tenants. |
| NEW ENGLAND COLONIAL |
An architectural style dating from early American history typified by a two-story building with clapboard siding. |
| NO COST LOAN |
Many lenders offer loans that you can obtain at "no cost." You should inquire whether this means there are no "lender" costs associated with the loan, or if it also covers the other costs you would normally have in a purchase or refinance transactions, such as title insurance, escrow fees, settlement fees, appraisal, recording fees, notary fees, and others. These are fees and costs which may be associated with buying a home or obtaining a loan, but not charged directly by the lender. Keep in mind that, like a "no-point" loan, the interest rate will be higher than if you obtain a loan that has costs associated with it. |
| NO POINT LOAN |
A loan with no "points". The interest rate on such a loan will be higher than a loan with points paid. Also sometimes refers to a refinance loan where closing costs are included in the loan. |
| NON-CONFORMING USE |
The use of land for purposes contrary to the applicable municipal zoning specifications. Often occurs when zoning changes after a property is in use. |
| NONLIQUID ASSET |
Any asset which can not be quickly converted into cash at little or no cost. |
| NOTE |
A legal document that obligates a borrower to repay a mortgage loan at a stated interest rate during a specified period of time. |
| NOTE RATE |
The interest rate stated on a mortgage note. |
| NOTICE OF DEFAULT |
Formal written notice from a lender to a borrower that default has occurred. |
| OBSOLESENCE |
The process of an assets value diminishing due to the development of more desirable alternatives or because of the degradation of its capabilities. |
| OCCUPANCY |
A physical presence within and control of a property. |
| OCCUPANCY RATE |
The percentage of properties in a given area that are occupied. |
| OCTOPUS RECEPTACLE |
An outlet with too many devices plugged into it, using a power strip or other device to multiply the outlets. |
| OFF-SITE IMPROVEMENTS |
Buildings, structures or other amenities which are not located on a piece of property, but are necessary to maximize the use of the property or in some way contribute to the value of the property. |
| OFF-STREET PARKING |
Designated parking spaces associated with a particular building or other structure which are not located on public streets. |