Genesis Associates Mortgage Definitions "N" (866) 410.4410

	*Conditions Apply

Definitions of Mortgage Terms

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Net Lease - A lease that provides that all expenses attributable to the real estate are paid by the tenant. Local terminology may require some expenses to be paid to the landlord.

Net Operating Income - In the valuation process, the annual income available after operating expenses and real estate taxes to service the debt and provide the owner with a return on their investment.

Net Yield - The interest rate return on a mortgage after deducting the percentage equivalent of mortgage servicing from the coupon rate of the mortgage.

Net Worth -Total assets less total liabilities.

Nominal Interest Rate -The stated interest rate on a lona.

Non Est Factum -A person is not bound by a fraudulent contract that he or she unsittingly entered into.

Non-Conforming Use - A property that is being used in contravention of current zoning by-laws but is permitted to remain because it pre-dates the enactment of the zoning by-laws.

Non-Disturbance Agreement - An agreement that permits a tenant under a lease to remain in possession despite any action by a mortgagee.

Non-Recourse Mortgage -A mortgage in which the lender can only pursue legal remedies against the property being mortgaged and not against the borrower's personal covenant in the event of a default.

Notice of Assessment -A summary notice for taxpayers from the Canada Revenue Agency itemizing total and net income, and federal/provincial tax payable for a particular taxation year.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z