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:

• A-Z Real Estate Terminology
• Glossary of Real Estate Terms