A false or misleading statement made by a person believed to be true and where the person carrying out the misrepresentation took reasonable steps to assure himself or herself of the accuracy of the statement. A third party may rely on the misrepresentation to his or her potential or actual detriment.
A form of dispute resolution that attempts to seek a satisfactory solution for all parties to a dispute that is based on the interest of each party as opposed to their specific position on the matter. Negotiations only involve those parties to the dispute.
The revenue after deducting expenses from gross income. If the revenue exceeds expenses, net income is positive (profit). If expenses exceed revenue, net income is negative (loss).
Net Operating Income
The revenue remaining after operating expenses have been deducted from the gross operating income, but before income taxes and interest are deducted.
A condominium that involves the creation of units and common areas that never existed before in brand new structures or on raw land through the registration of a Condominium Plan with Land Titles. The units within a new condominium have never previously been offered for sale. Generally, the completion of a new condominium is scheduled for a single date after which all the construction work is to be completed.
New Home Buyer Protection Act (also Alberta New Home Warranty Program)
The New Home Buyer Protection Act applies to new homes constructed with a building permit applied for after February 1, 2014. The legislation covers single family homes, duplexes, multi-family homes, condominiums, manufactured homes (including ready to move homes), and recreational properties. The legislation does not cover dorms, work camps, hotels and rental apartments. under the warranty periods. The minimum required warranty coverage terms are:
- 1 year labour and materials
- 2 years for defects in labour and material related to delivery and distribution systems
- 10 years for major structural
- 5 years on building envelope, with a requirement for the warranty provider to offer the option to purchase additonal years of coverage
NOA (see Notice of Assessment)
NOI (see Net Operating Income)
Nominal Interest Rate
The ‘face rate’ shown on the mortgage document. Also see Effective Interest Rate.
The use of a property that met municipal requirements at one time, e.g. secondary suite, but does not meet the current Land Use Bylaw requirements. The non-conforming status may be lost if the building is renovated, damaged or destroyed. If the non-conforming use has ceased, any future use must conform to the current Land Use Bylaw requirements.
Non-Delineated Parking Stall
A leased parking stall that has not been specifically drawn on a Condominium Plan. Leases for non-delineated parking stalls are only valid while the current owner holds ownership of the associated unit. Once the associated unit is sold, the buyer has to renegotiate a new lease with the condominium corporation in order to use the parking stall.
Non-Delineated Storage Area
A leased storage area that has not been specifically drawn on a Condominium Plan. Leases for non-delineated storage areas are only valid while the current owner holds ownership of the associated unit. Once the associated unit is sold, the buyer has to renegotiate a new lease with the condominium corporation in order to use the storage area.
The failure or refusal to declare or reveal information that is required by one or more parties.
Non-Exclusive Representation Relationship
A real estate relationship that allows for multiple brokerages to act on behalf of a client.
Non-Profit Continuing Housing Cooperative
A form of residential housing whereby members obtain the right to occupy a unit under a tenancy agreement. The cooperative owns the real property, the building and the land on which the structure is built and holds title to the property.
Non-Profit Home Ownership Cooperative
A form of residential land tenure where members own their individual unit with the cooperative owning the land and the common property.
A type of real estate relationship in which a real estate professional works with a party to a trade in real estate but does not act on behalf of that party. Also see Customer.
Notice of Assessment
An individual summary sent to each taxpayer by Canada Revenue Agency after processing his or her tax return. It may also indicate any corrections to the return, such as taxes owing or refunds to be paid.