Panama City Real Estate

Panama City Real Estate - Glossary Index

Glossary - N

n

A component of the T-bar that represents the number of periods over which the investment is held.

Negative amortization

A gradual increase in mortgage debt that occurs when the monthly payment is not large enough to cover the entire principal and interest due. The amount of the shortfall is added to the remaining balance to create "negative" amortization.

Neighborhood center

This center is designed to provide convenience shopping for the day-to-day needs of consumers in the immediate neighborhood. According to ICSC’s SCORE publication, a supermarket anchors half of these centers, while about a third have a drugstore anchor. Stores offering pharmaceuticals and health-related products, sundries, snacks and personal services, support these anchors. A neighborhood center is usually configured as a straight-line strip with no enclosed walkway or mall area, although a canopy may connect the storefronts.

Net cash flow

The income that remains for an investment property after the monthly operating income is reduced by the monthly housing expense, which includes principal, interest, taxes and insurance (PITI) for the mortgage, homeowners' association dues, leasehold payments and subordinate financing payments.

Net Lease

Also called triple net lease. The lessee pays not only a fixed rental charge but also expenses on the rented property, including maintenance.

Net operating income (NOI)

The potential rental income plus other income, less vacancy, credit losses, and operating expenses.

Net worth

The value of all of a person's assets, including cash, minus all liabilities.

No cash-out refinance

A refinance transaction in which the new mortgage amount is limited to the sum of the remaining balance of the existing first mortgage, closing costs (including prepaid items), points, the amount required to satisfy any mortgage liens that are more than one year old (if the borrower chooses to satisfy them) and other funds for the borrower's use (as long as the amount does not exceed 1 percent of the principal amount of the new mortgage).

Non-Disturbance Agreement

The tenant signs this to prevent himself from being evicted if the property owner does not pay its mortgage to the bank.

Nonliquid asset

An asset that cannot easily be converted into cash.

Notary Public

A public officer who is authorized to witness and verify certain documents (e.g., contracts, deeds, mortgages). Also, an affidavit may be sworn before this public officer.

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

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

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Panama City Home Sales

Panama City Beach Realty Group
Counts Real Estate Group, Inc.
3009 Highway 77, Suite H
Panama City, Florida 32405
Direct: 850.774.6582
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