Real Estate Terminology: N to O

Native Lands:
Reserved lands held by the Crown for the use and benefit of native people.

Net Leaseable Area:
Net floor space in a rental property that is available for rent to tenants; it normally excludes areas such as corridors, equipment rooms, and other common areas. Net leaseable area should be clearly differentiated from gross leaseable area that represents the total floor space.

Net Worth:
Total assets less total liabilities; in real estate it represents total current value of real estate property less all outstanding liabilities.

New Home Warranty Program:
A form of program with insurance plan, typically operated by a government agency or self-regulated body, for new homes that involves warranties for specified defects over prescribed period of time. The defects themselves are covered but not secondary damage (e.g., personal property damage caused by defects are not covered).

Non Conforming Use:
A structure that does not comply with, nor conform to, the present zoning status for its location as well as the use of land prohibited by the terms of the current approved zoning by-law. A legal non-conforming use cannot be enlarged or substantially altered without approval from the municipality.

Objective Value:
The value of a real estate property based on the analysis of cost associated with the reproduction of that property (an exact replica or one of equal utility or replacement).

Open Mortgage:
A mortgage that can be prepaid or renegotiated at any time and in any amount without penalty.

For more terminology and jargon check:

Window Coverings

Window Coverings

Window coverings play a leading role in enhancing the style of the interior of your home. They can help set atmosphere and can be both attractive and functional. Window coverings come in variety of styles, colors and materials to help you achieve the look and the coverage you need. Read more...

Seller Info

Seller Info

If you currently own property and are thinking of placing it on the market, get informed about preparing your home for sale, pricing your property appropriately, marketing it effectively and learn everything you can about real estate sale process so you can maximize your chance of a profitable sale by avoiding costly marketing mistakes.

Victoria Park Square - Brantford

Real Estate & Related Info


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Knowing what to expect will help you make an informed decision about the value and the future upkeep. More...

Closing Cost

Don't forget closing costs; they vary greatly by location and they are also relative to your house price. More...

Moving Tips

Pack a box of items that will be needed first at the new house. Clearly mark this box "Load Last." More...


Although not complete, the glossary of real estate terms will help you with some of the more common terms. More...

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