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Real Estate Glossary of Terms
Looking for the definition of a real estate
term? Click on a letter of the alphabet below to go to that letter's
corresponding page of terms.
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MAINTENANCE - The care and work
put into a building to keep it in operation and productive use; the general
repair and upkeep of a building. If maintenance is deferred, the building
will suffer a loss in value.
MALL
- A landscaped public area set aside for pedestrian traffic.
MARGINAL LAND - Land which is of
little value because of some deficiency, such as poor access, lack of
adequate rainfall, or steep terrain.
MARKETABLE TITLE - Good or clear title reasonably free from risk of litigation over
possible defects; also referred to as merchantable title. Marketable title
need not, however, be perfect title.
MARKET VALUE - The highest price,
estimated in terms of money, which a property will bring if exposed for sale
in the open market, allowing a reasonable time to find a purchaser who buys
with knowledge of all the uses to which the property is adapted and for
which it is capable of being used.
MASTER PLAN - A comprehensive plan
to guide the long-term physical development of a particular area.
MEANDER LINE - An artificial line
used by the surveyors to measure the natural, uneven, winding property line
formed by rivers, streams and other watercourses bordering a property.
MECHANIC'S LIEN - A statutory lien
created in favor of material-men and mechanics to secure payment for
materials supplied and services rendered in the improvement, repair or
maintenance of real property.
METES
AND BOUNDS - A common method of land description that identifies a property by
specifying the shape and boundary dimensions of the parcel, using terminal
points and angles.
MILITARY CLAUSE - A clause
inserted in some residential leases to allow the military tenant to
terminate the lease in case of transfer, discharge or other circumstances
making termination appropriate.
MINERAL RIGHTS - Rights to
subsurface land and profits. Normally, when real property is conveyed, the
grantee receives all right and title to the land including everything above
and below the surface, unless accepted by the grantor.
MISREPRESENTATION - A false statement or concealment of a material fact made with the
intent to induce some action by another party.
MONEY
- The cash deposit (including initial and additional deposits) paid by the
prospective buyer of real property as evidence of his good faith intention
to complete the transaction; called hand money or a binder in some states.
MONTH-TO-MONTH TENANCY - A
periodic tenancy where the tenant rents for one month at a time. In the
absence of rental agreement (oral or written), a tenancy is deemed to be
month-to-month, or in the case of boarders, week-to-week.
MONUMENTS - Visible markers, both
natural and artificial objects, which are used to establish the lines and
boundaries of a survey.
MORTGAGE - A legal document used
to secure the performance of an obligation. In effect, the mortgage states
that the lender can look to the property in the event the borrower defaults
in payment of the note.
MORTGAGE BANKER - A corporation or
firm which normally provides its own funds for mortgage financing.
MORTGAGE BROKER - A person or firm
which acts as an intermediary between borrower and lender; one who, for
compensation or gain, negotiates, sells or arranges loans and sometimes
continues to service the loans.
MORTGAGEE - The one who receives
and holds a mortgage as security for a debt; the lender; a lender or
creditor who holds a mortgage as security for payment of an obligation.
MORTGAGOR - The one who gives a
mortgage as security for a debt; the borrower; usually the landowner; the
borrower or debtor who hypothecates or puts up his property as security for
an obligation.
MULTIPLE LISTING SERVICE (MLS) -
An organization created by REALTORS® to facilitate the sharing of listings
among member brokers.
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