Terms used to describe a valid (negotiable) or invalid (non-negotiable) document of title. Usually used when referring to Bills of Lading - a negotiable bill is a valid document of title, while a non-negotiable bill is not.
Usually used with regard to Bills of Lading: a negotiable B/L is a valid document of title, while a non-negotiable B/L is not - the beneficiary of a DC (the exporter) may send the importer a non-negotiable B/L for information.
Here, it refers to criteria for a home search whereby some elements that a Buyer wants in a home is a definite must, such as three bedrooms or 2 bathrooms, or even a garage.
1. A term relating to the price of a good or security which is firmly established and cannot be adjusted. 2. A term relating to a good or security whose ownership is not easily transferable from one party to another.