Property Legal Terms (N)

negative amortization

Some adjustable rate mortgages allow the interest rate to fluctuate independently of a required minimum payment. If a borrower makes the minimum payment it may not cover all of the interest that would normally be due at the current interest rate. In essence, the borrower is deferring the interest payment, which is why this is called "deferred interest." The deferred interest is added to the balance of the loan and the loan balance grows larger instead of smaller, which is called negative amortization.

negligence

The omission to do something which are reasonable person would ordinary do under the circumstances, or doing something which a reasonable person would ordinarily not do under the circumstances. The failure to take reasonable care given the circumstances.

negotiatied

Capable of being negotiated; transferable by assignment or endorsement to another person; as a negotiable note or bill of exchange.

ngan

Equivalent to 400 square meters

no cash-out refinance

A refinance transaction which is not intended to put cash in the hand of the borrower. Instead, the new balance is calculated to cover the balance due on the current loan and any costs associated with obtaining the new mortgage. Often referred to as a "rate and term refinance."

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.

non-performing loan

A bank loan where the borrower has both ceased to make full interest payments, such that the lender has stopped earning interest and one where the borrowers is likely to default on the principal

non-freehold estate

Property that is not owned by the occupant but is held under lease or license.

Nor Sor 3

Is a certificate issued by the relevant local Land Department Authority certifying the usage of land of the person entitled thereto. The land has no exact boundaries.

Nor Sor 3 Gor

Is a certificate issued by the relevant local Land Department Authority certifying the usage of land of the person entitled thereto. The land is measured by the Land Department; therefore, it has its exact boundaries.

Nor Sor 4

See chanote

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.

no-cost loan

Almost all lenders offer loans at "no points." You will find the interest rate on a "no points" loan is approximately a quarter percent higher than on a loan where you pay one point.

notice of default

A formal written notice to a borrower that a default has occurred and that legal action may be taken.

notices

A legal notification required by law or agreement or imparted by operation of law as a result of some fact.

nuisance

A land use incompatible with surrounding land uses. Any activity by a property owner that annoys or seriously disturbs the neighbourhood making it difficult for other property owners to use or enjoy their own property.

null and void

That which cannot be legally enforced or is not legally binding.