Neighbourhood Plan

A community scheme subdivision which is either non staged and creates neighbourhood lots and neighbourhood association property or a stand alone scheme or as the final tier in a staged development.

Notice of Death

An application which declares the death of a joint tenant and by which the survivors automatically acquire the interest of the deceased pursuant to the Real Property Act 1900 (Ref LPI).

Notice of Sale

A Notice of Sale or Transfer of Land (NOS) is a document which must be submitted to LPI when a property changes ownership. It must accompany a transfer or other document lodged to regsiter the ownership change. NOS information is forwarded to more than 175 government agencies and authorities for rating and taxing purposes. An eNOS is an online version of the NOS form available through our Online Shop http://shop.lpi.nsw.gov.au

Notification

A recording or other entry made in the Second Schedule of a folio of the Register usually recording an encumberance such as a mortgage.

Negatively geared

Where the incomings are less than your outgoings after all tax deductions have been claimed. For example, you receive rent on a property of $600 a month, but your mortgage repayments are $900 a month. Your shortfall is $300 a month, which you can claim as a loss when doing your tax return. Many people on high incomes use negative gearing to reduce their taxable income.

Net Operating Income

Net sales less net COGS less operating expenses.

Net Profit

Final profit figure after subtracting ALL expenses (operating, taxes, depreciation etc.) from the gross profit.

Nett Lease

A lease where the tenant pays a rental plus separate charges for the outgoings (common area running costs).