In cognitive radio networks, when secondary users transmit in the null space of their interference channel with primary user, they can avoid interference. However, performance of this scheme depends on knowledge of channel state information for secondary user to perform inverse waterfilling. We evaluate the effects of imperfect channel estimation on error rates and performance degradation of primary user and elucidate the tradeoffs, such as amount of interference and guard distance. Results show that, based on the amount of perturbation in channel matrices, performance of null space based technique can degrade to that of open loop MIMO. Outcomes presented in this paper also apply to null space based MIMO radar waveform design to avoid interference with commercial communication systems, operating in same or adjacent bands.