Glossary of Terms

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Most terms and definitions have been provided by:

http://realestateglossary.internetcrusade.com
NEGOTIABLE INSTRUMENT
Any written instrument which may be transferred by endorsement or delivery so as to vest legal title in the transferee.
NET LEASE
A lease, usually commercial, whereby the lessee pays not only the rent for occupancy, but also pays maintenance and operating expenses such as tax, insurance, utilities and repairs. Thus the rent paid is "net" to the lessor.
NOMINAL CONSIDERATION
A consideration bearing no relation to the real value of the contract. A deed often recites a nominal consideration, such as "ten dollars and other valuable consideration."
NONCONFORMING USE
A permitted use which was lawfully established and maintained but which no longer conforms to the current use regulations because of a change in the zoning.
NONDISTURBANCE CLAUSE
A clause inserted in a mortgage whereby the mortgagee agrees not to terminate the tenancies of lessees who pay their rent if the mortgagee forecloses on the mortgagor-lessor's building.
NORMAL WEAR AND TEAR
That physical deterioration which occurs in the normal course of the use for which a property is intended, without negligence, carelessness, accident or abuse of the premises (or equipment or chattels) by the occupant, members of household, or their invitees or guests.
NOTE
A document signed by the borrower of a loan, stating the loan amount, the interest rate, the time and method of repayment and the obligation to repay. The note is the evidence of the debt.
NUISANCE
Conduct or activity which results in an actual physical interference with another person's reasonable use or enjoyment of his property for any lawful purpose.
NULL & VOID
Having no legal force or effect; of no worth; unenforceable; not binding.