A situation in which a buyer puts down money for the right to purchase a piece of real estate within a set time period but does not have an obligation to buy. …
Non-solicitation Order
An order issued by the secretary of state to brokers and agents, prohibiting them from soliciting listings in a designated area. …
Option Listing
A listing agreement with a clause that gives the listing broker the right to purchase the property. …
Nonassumption Clause
A loan provision that prohibits the transfer of a mortgage to another borrower without lender approval. …
Nonrecurring Closing Costs
One-time-only fees for items including an appraisal, loan points, credit report, title insurance, and home inspection. …
Neo-Traditional Planning
Planning of a community that favors new home development with such traditional features as grid-street patterns, prominent front porches, backyard garages, multi-use buildings, and housing clustered …