Canadian Real Estate Glossary

Canadian Real Estate Glossary


National Building Code of Canada: A model code that sets out technical provisions for the design and construction of buildings across Canada.

Negative Amortization: A situation where the outstanding balance of a loan increases over time due to the borrower's insufficient payments to cover the interest charges.

Negative-Slope Driveway: A driveway that has a downward slope from the entrance toward the property, designed to allow for easy access to underground parking or basements.

Net Income: The amount of income generated from a property after deducting operating expenses, but before deducting mortgage payments or taxes.

Net Lease: A lease agreement where the tenant is responsible for paying not only rent but also a portion or all of the property's operating expenses, such as taxes, insurance, and maintenance costs.

Net Rentable Area: The total floor area within a building or property that is available for lease to tenants, excluding common areas and spaces occupied by building services or utilities.

Net Worth: The total value of a person's assets (such as properties, investments, and savings) minus their liabilities (such as debts and loans), representing their financial position.

New Home Warranty Program: A warranty or guarantee provided by builders or developers for newly constructed homes, protecting buyers against certain defects or issues.

Nominee Agreement: A legal agreement that allows a person to hold property on behalf of another without assuming ownership rights.

No Cash-Out Refinance: A type of mortgage refinance where the borrower replaces an existing loan with a new one of equal or greater value without receiving any cash proceeds at closing.

No-Competition Lots: Parcels of land that are located in areas where there are no competing properties or similar developments, providing unique opportunities for exclusive or distinctive real estate projects.

Non-Assumption Clause: A provision in a loan agreement or lease that prohibits the transfer of the loan or lease to another party without the explicit consent of the lender or landlord.

Non-Conforming Use: The use of a property that does not conform to the current zoning regulations but is permitted due to existing use rights.

Non-Disturbance Clause: A clause in a lease agreement that protects the rights of a tenant in the event of a foreclosure on the property by the landlord's lender.

Non-Liquid Asset: An asset that is not easily converted into cash without incurring significant loss in value or incurring time delays, such as real estate or certain types of investments.

Non-Recourse Loan: A loan where the borrower is not personally liable for repayment, and the lender's only recourse is the collateral (typically the property).

Notary Public: A public officer authorized to witness and certify documents, including the signing of real estate contracts and mortgage agreements.

Note: A legally binding written agreement that establishes the terms and conditions of a loan, including the repayment schedule, interest rate, and other loan provisions. It serves as evidence of the debt owed by the borrower to the lender.

Notice of Default: A formal notification sent to a borrower indicating that they have failed to meet their mortgage obligations, typically triggering foreclosure proceedings.

Nova Scotia Real Estate Commission (NSREC): The regulatory body responsible for overseeing and regulating real estate activities in the province of Nova Scotia, Canada.

Novation: The substitution of a new contract or agreement in place of an existing one, often used in the context of transferring mortgage obligations to a new borrower.

Number of Units: Refers to the total count of separate living units within a residential or commercial property, such as apartments or office spaces.

Nuisance: Any activity, condition, or behavior that interferes with the reasonable use or enjoyment of a property by its occupants or neighboring properties.

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