Escrow Terms & Phrases
Terms and Phrases is Chicago Title Glossary of definitions, meanings, and
descriptions of significance for some of our industry's most often used
terms and phrases.
Look for terms and phrases in Alphabetical Order:
NAR (National Association of REALTORS®) -- An association of people engaged in the real estate business. Organized in 1908, it currently lists over half a million members. With headquarters in Chicago, it is dedicated to the betterment of the real estate industry through education, legislation, and high ethical standards for its members.
Negative Cash Flow -- When the income from an investment property does not equal the usual expenses, the owner must come up with cash each month to meet these expenses.
Non Exclusive Listing -- A listing under which the real estate broker has an exclusive listing as opposed to other agents, but the owner may sell the property without using an agent, and not be liable to pay a commission. Also called an agency agreement.
Non Judicial Foreclosure Sale -- Sale by a trustee under a deed of trust, or mortgage under a power of sale of a mortgage. There is no court (judicial) proceeding.
Notary Public -- One who is authorized by the state or federal government, to administer oaths, and to attest to the authenticity of the signatures. A federal authorization may extend the authority to attest to the authenticity of certain documents, and to act as a notary in foreign countries.
Notice of Action -- A recorded notice that property may be subject to a lien, or even that the title is defective, due to pending litigation. Notice of a pending suit. Also called "Lis Pendens".
Notice of Completion -- A notice, recorded to show that construction job is finished. The length of time in which a mechanic's liens may be filed depends upon when and if a notice of completion is recorded.
Notice of Default -- A notice is filed to show that the borrower under a mortgage or deed of trust is in default (behind on the payments).
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