| Negative equity |
|
| A situation in which the value of a property has fallen to below the level of the loan secured on it. |
|
| Negotiating/Application fee |
|
| This is a charge levied by the lender to cover the costs of processing a mortgage application. If an application is not completed, the fee may not be refunded. |
|
| Non-exclusive Contract |
|
| When a contract is signed between a client and Nealco to sell or rent a property for a fee. However, the client has appointed other brokers as well as Nealco. Nealco is under no obligation. |
|
