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Term Definition
Negative AmortizationA condition created when a loan payment is less than the interest payment due. Even though payments are made on time, the amount of principal owed increases.
 
Non-Warranty DeedA special Non-Warranty Deed or Quitclaim Deed is often used to transfer a spouse's interest in real property to their husband or wife pursuant to the terms of a Separation Agreement and Property Settlement (SAPS) and/or Court Order on Equitable Distribution.
 
Notary PublicOne who is authorized by the state or federal government, to administer oaths, and to attest to the authenticity of signatures.
 
NoteA 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 a specified date or on demand. Usually provides for interest and, concerning real property, is secured by a mortgage or trust deed. 
 


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