NEGATIVE AMORTIZATION
A financing arrangement whereby monthly mortgage payments are less than required
to pay both interest and principal. The unpaid amount is added to the loan
balance. NET INCOME
Profit from property or business after expenses have been deducted; effective
gross income less operating expenses. NET LISTING
An agreement or contract to sell or rent a property for a specified minimum net
amount for the owner. NET OPERATING INCOME (NOI)
The resulting amount when all operating expenses are subtracted from effective
gross income. NOLO CONTENDERE
A pleading of no contest by a defendant; a plea in a criminal action not
admitting guilt but subjecting the defendant to punishment as if it were a
guilty plea. NON CONFORMING USE
Continuing land use that is not in compliance with zoning ordinances. NON FREEHOLD ESTATE (LEASEHOLD INTEREST)
An estate in real property in which ownership in for a determining time period,
as in a lease. NOTE
Legal evidence of a debt that must accompany a mortgage in Florida; a legally
executed pledge to pay a stipulated sum of money. (See also promissory note.) NOTICE (SEE ACTUAL and CONSTRUCTIVE NOTICE.)
ACTUAL NOTICE
Information a person has actually learned by reading, seeing or hearing.
CONSTRUCTIVE NOTICE
The recording of a document or an instrument in the public records designed to
give adequate notice to all. NOVATION
The substitution of a new party and/ or new terms to an existing obligation.
