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Glossary terms starting with the Letter N

TermDefinition
Negative amortization</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</styl
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.

Note</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv5
A legal document that obligates a borrower to repay a mortgage loan at a stated interest rate during a specified period of time.

Notice of default</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><d
A formal written notice to a borrower that a default (breached the loan agreement) has occurred and that legal action may be taken.

Notice of Cessation </title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style
A notice recorded by a property owner when construction on the property has ceased, although the project hasn’t been completed; it limits the period in which labors and suppliers can file mechanics’ liens.

Notice of Completion</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style
A record notice that announces the completion of a construction project and limits the period in which mechanics’ liens can be filed

Notice of levy </title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div
A notice recorded by the receiver after a court has issued a decree of foreclose.

Notice of sale </title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div
A notice issued by a trustee (or the receiver after a decree of foreclosure) setting the date for the foreclosure sale.

Notice to Quit </title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div
A notice to a tenant demanding that he or she vacate the leased property.

Notice of delinquency</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</styl
In junior finance, where the borrower gives the senior lender permission to notify the junior lender in the event of a default

Novation</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=
1) When one party to a contract withdraws and a new party is substituted, relieving the withdrawing party or liability. 2) The substitution of a new obligation for an old one.

Nail-base sheathing</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style>
A sheathing material, such as wood boards or plywood, to which siding can be attached by nailing, as differentiated from one, such as cane fiber board or plastic foam board, that is too soft to hold nails.

Nail popping</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cl
The loosening of nails holding gypsum board to a wall, caused by drying shrinkage of the studs.

Nail set</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=
A hardened steel punch used to drive the head of a nail to a level below the surface of the wood.

Needle beam</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cla
A steel or wood beam threaded through a hole in a bearing wall and used to support the wall and its superimposed loads during underpinning of its foundation.

Needling</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=
The use of needle beams.

Neoprene</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=
A synthetic rubber (polychloroprene).

Noise reduction coefficient</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}
An index of the proportion of incident sound that is absorbed by a surface, expressed as a decimal fraction of one.

Nominal dimension</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><d
An approximate dimension assigned to a piece of material as a convenience in referring to the piece.

Nonaxial</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=
In a direction not parallel to the long axis of a structural member.

Nonbearing</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div clas
Not carrying a load.

Non-movement joint</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><
A connection between materials or elements that is not designed to allow for movement.

Nosing</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=ad
The projecting forward edge of a stair tread.

NRC</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv5>
See noise reduction coefficient.

Nut</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv5>
A steel fastener with internal helical threads, used to close a bolt.

land development glossary