The Real Estate
Encyclopedia: K-O

In real estate and construction law, a notice of completion is a document that is recorded to show that a construction project has been finished. It serves as an official public record of the completion date of the work. The recording of a notice of completion...

In real estate and construction law, a notice of cessation is a formal notice indicating that work on a construction project has stopped. It is used to document the date on which labor or construction activity ceased. The filing or recording of a notice of cessation...

In real estate and law, notice refers to knowledge or information that affects a person’s rights or responsibilities with respect to property or a transaction. Notice may arise in several different forms, each with distinct legal significance. Actual notice is express...

In real estate finance, a note is a written, unilateral agreement in which the signer makes an express and unconditional promise to pay a named person or entity a definite sum of money. The note specifies the amount owed, the repayment terms, and the date or schedule...

In real estate transactions, a notary public is a public officer appointed by the state who is authorized to witness the execution of legal documents. The notary verifies the identity of the persons signing the documents and confirms that the signatures are made...

In real estate finance, a non-recurring expense is a cost that is not expected to occur on a regular or ongoing basis. It arises from unusual or extraordinary events rather than normal property operations. Examples of non-recurring expenses include costs resulting...

In real estate finance, a non recourse loan is a loan in which the lender’s only security for repayment is the property pledged as collateral. If the borrower defaults, the lender may take possession of the property but cannot seek a deficiency judgment against the...

In real estate finance, the nominal interest rate is the rate of interest that is stated in a loan agreement or promissory note. It represents the contractual rate used to calculate interest on the loan balance. The nominal interest rate does not take into account...

In real estate brokerage, a net listing is a type of listing agreement in which the seller specifies a net amount to be received from the sale of the property. Any proceeds above that agreed upon net amount are retained by the real estate broker as compensation. Net...

In real estate, a net lease is a lease agreement in which the tenant is responsible for paying certain operating expenses of the property in addition to a fixed base rent. These expenses commonly include property taxes, insurance premiums, and maintenance or operating...