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Natural hazards disclosure (NHD) report
A report required by most states that discloses if a property is located in an area that has a higher risk of natural hazards. The report is typically paid for by the seller and given to the buyer during escrow.
The following natural hazard zones are covered in a NHD report:

  • Special flood hazard area
  • Area of potential flooding
  • Very high fire hazard severity zone
  • Wildland area that may contain substantial forest fire risk and hazards
  • Earthquake fault zone
  • Seismic hazard zone

Carelessness and inattentiveness resulting in violation of trust. Failure to do what is required.
Net operating income
The gross income of the property minus vacancy, collection losses, and operating expenses (not including debt service).
Net lease
A lease requiring the tenant to pay not only rent but also costs incurred in maintaining the property, including taxes, insurance, utilities, repairs. If the tenant pays for everything, it is referred to as a triple net lease.
Nonconforming use
A use of property that is permitted to continue after a zoning ordinance prohibiting it has been established for the area.
A lack of uniformity; dissimilarity. Because no two parcels of land are geographically alike, real estate is said to be nonhomogeneous, or heterogeneous.
To certify or attest to a document, as by a notary public.
Notary public
A public official authorized to certify and attest to documents, take affidavits, take acknowledgments, administer oaths, and perform other such acts.
An instrument of credit given to attest a debt.
Acceptance by parties to an agreement to replace an old debtor with a new one. A novation releases liability. Real estate terms that begin with O