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Real Estate Dictionary


   

N

"Nachala" - (Hebrew) Extensive landed property in a "Moshav". The purpose is residential, agriculture, commerce and vacation. Each "Nahala" owner is also a member in the agriculture association of the Moshav. See also Farm, Estate and Meshek (Hebrew).

Neighborhood - A general term describing a contiguous area of similar properties. A neighborhood consist of several streets, can be a block, there different services etc. It is a very important parameter in real estate.

Nominal Interest Rate - The interest rate in terms of nominal (not adjusted for purchasing power) dollars.

Non-Recourse Loan - A loan not allowing for a deficiency judgment. The lenders only recourse in the event of a default is the security (property) and the borrower is not personally liable.

Note - A unilateral agreement containing an express and absolute promise of the signer to pay to a named person, or order, or bearer, a definite sum of money at specified date or on demand. Usually provides for interest and, concerning real property, is secured by a mortgage or trust deed.

Notice of Action - A recorded notice that property may be subject to a lien, or even that the title is defective due to pending litigation. See also Notice of Warning.

Notice of Warning - warning of unregistered buyer and/or mortgager. Found in the land registry ("Tabu"). See also Notice of Action.

Number of Rooms - In Israel all the bedrooms including the living room, dining room and security room are defined as rooms.

 
 
 
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