Real Estate Dictionary

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

N

NATIONAL ASSOCIATION OF REALTORS® (NAR)	A real estate trade organization that sets the standards for integrity and honesty within the real estate profession nationwide
Negative amortization	A gradual increase in the balance of a loan or mortgage which occurs because the monthly payments made are too small to cover the entire principal and interest charges; this shortfall amount is added to the remaining balance, resulting in negative amortization
Net listing	The advertisement of the price of property for sale in terms of the net price the seller will receive, once the property is sold, a type of listing which is illegal in many states
Net worth	The total value of all of an individual's assets, minus all liabilities or debts
No cash-out refinance	A transaction for refinancing a mortgage in which the new mortgage amount is limited to the sum total of the remaining balance of the first mortgage, points, closing costs, whatever is required to satisfy any liens that are more than one year old and other funds for the borrower's use (as long as the amount is one percent or less of the principal amount of the new mortgage)
Notary	An individual authorized by law to certify documents and signatures
Note	A legal document that obligates a borrower to repay a loan or owed sum of money at a stated interest rate over a designated period of time

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

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Real Estate Tips

Financing Your Home >Financing Contingencies

Standard real estate purchase agreements usually contain language that releases the purchaser from an agreement if they are unable to get financing within a specified period of time. This contingency includes a full return of the earnest money deposit. If you are buying a home, you should read the financing clause carefully and be sure that you fully understand the terms of the agreement.

You are usually required to apply for your loan promptly and to comply with requests from the lender for any documentation needed to complete the loan application. The contract will also set a time limit by which you must have loan approval. If your lender cannot meet the financing deadline and needs additional time to complete the loan, you must ask the sellers for a written extension.

	See All Tips In The "Financing Your Home" Category >
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Real Estate Trivia

Q	What building has the largest windows in the world?
A	The Palace of Industry and Technology in Paris, France has three matching windows, each 715 feet high and 164 feet wide and comprised of multiple panes of glass.
See More Real Estate Trivia >

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Vickie Gallimore RE/MAX Central Realty 231 S. Fayetteville Street Asheboro, NC. 27203 Office: 336-626-5600 Home: 336-629-7716 Mobile: 336-953-9500 Fax: 336-626-2253 Email: vickiegallimore@NUMBER1EXPERT.com Vickie is a member of the RE/MAX Hall of Fame and recipient of the Diamond Club Award, a new award recognizing a higher level of production in the RE/MAX network. Vickie and her office both are #1 in the Asheboro market and have held this distinction since 1990. Look for her weekly article in Randolph County's local newspaper, The Courier Tribune.

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