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Natural Vacancy Rate
The normal, average or traditional percentage of rental properties in a community that are not leased or occupied.
Related Topic: Basic Rental, Escalation Rate, Gross Lease, Huur Gaat Voor Koop, Lease, Lease with Option to Purchase, Leasehold, Long Lease, Net Lease, Notarial Deed of Lease, Occupation, Percentage Lease, Renewal Option, Rental Types, Rent-Free Period, Resolutive Condition, Right of Pre-Emption, Sale & Leaseback, Triple Net Lease, Turnover Rental.

Net Lease
A lease with a provision for the tenant to pay, in addition to rent, certain cost associated with the operation of the property. These costs may include property taxes, insurance, repairs, utilities and maintenance. There are also “NN” (double net) and “NNN” (triple net) leases. The difference between the three is the degree to which the tenant is responsible for operating cost.
Related Topic: Basic Rental, Escalation Rate, Gross Lease, Huur Gaat Voor Koop, Lease, Lease with Option to Purchase, Leasehold, Long Lease, Natural Vacancy Rate, Notarial Deed of Lease, Occupation, Percentage Lease, Renewal Option, Rental Types, Rent-Free Period, Resolutive Condition, Right of Pre-Emption, Sale & Leaseback, Triple Net Lease, Turnover Rental.

Net Rental
The amount payable by the tenant, excluding VAT and excluding operating costs recovered by the landlord.

Net Operating Income (NOI)
NOI is Potential Gross Income less Vacancy Provision plus Recoveries less Operating Costs. It is the basis upon which the value of the property is determined using the Capitalisation Method.
Related Topic: Approaches to Value, Assessed Value, Assessment, Income Capitalisation Approach, Valuation, Yield (Initial).

NHBRC
The National Home Builders Registration Council, with which all builders must be registered. The NHBRC ensures that builders provide a five-year warranty on their work to protect consumers from bad workmanship.

Notarial Deed of Lease
A Lease exceeding 10 years must be registered against the Title Deed of the Property in order for the Lease conditions to be enforceable for the period that exceeds 10 Years. Such Lease must be Notarised, hence a Notarial Deed of Lease.
Related Topic: Basic Rental, Escalation Rate, Gross Lease, Huur Gaat Voor Koop, Lease, Lease with Option to Purchase, Leasehold, Long Lease, Natural Vacancy Rate, Net Lease, Occupation, Percentage Lease, Renewal Option, Rental Types, Rent-Free Period, Resolutive Condition, Right of Pre-Emption, Sale & Leaseback, Triple Net Lease, Turnover Rental.

Nominee
The person nominated or appointed by another for a specific purpose. Sae agreements are sometimes drawn up on the basis that the property is sold to the purchaser or his/her ‘nominee’

Non-Liquid Assets
Assets that cannot be easily converted into money. For example, shares can be sold and converted into money fairly quickly and easily, whereas a property could take months to sell.

Notice of Default
A written notice to the borrower to inform him/her that there has been a default on the terms and conditions of the contract - for example a monthly repayment was not made on the due date - and that legal action may be taken since a default is a breach of contract.

Null & Void
A legal expression for the final cancellation or lapse of an agreement. Once an agreement is declared null and void, it has no legal effect and cannot be enforced by either party.

 
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