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Real Estate Terms - letter N



Real Estate Terms - letter N

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Letter N


Net worth
The cost of all of a person's assets, including cash, minus all liabilities.

Nonliquid asset
An asset that cannot simply be converted into cash.

Note
A official document that obligates a borrower to repay a mortgage loan at a stated interest rate during a particular period of time.

Note rate
The interest rate stated on a mortgage note.

Notice of default
A formal written notice to a borrower that a default has occurred and that official action may be taken.