Glossary of Real Estate Terms "M"

Like many other industries, the real estate industry has its own unique language and vocabulary. Without some knowledge of this specialized language, you may find yourself a bit confused if you become involved in a real estate transaction.

Whether entering the real estate market for the first time or if you have invested before, this handy reference will provide an understanding of basic real estate words and phrases.


A B C D E F G H I J K L M N O P Q R S T U V W X Y Z


M

M.A.R. – Michigan Association of Realtors. An association in the state of Michigan that licensed real estate professionals can belong to.

Market Value – The price a willing buyer would pay, but not compelled to buy and the price a willing seller would sell for, but not compelled to sell.

Mechanic's Lien – An older term (now known as Construction Lien) describing a lien on real estate, created by operation of law, that secures the payment of debts due to persons who perform labor or services or furnish materials incident to the construction of buildings and improvements on the real estate.

Metes and Bounds – A land description in which boundaries are described by courses, directions, distances and monuments.Mortgage – A conditional pledge of property to a creditor as security for the payment of a debt.

Mortgage Insurance – Insurance written by an independent mortgage insurance company protecting the mortgage lender against loss incurred by a mortgage default, enabling the lender to lend a higher percentage of sale price. The premium for which is generally added to the borrower's monthly payment.

Mortgagee – The holder of mortgage (lender). The party to whom a mortgage is made.

Mortgagee Policy – See Loan Policy.

Mortgagor – A person(s) who mortgages property. A person(s) who executes a mortgage, generally the property owner.

Multiple Listing Service (M.L.S.) – The pooling in a central area of listings of properties for sale. These listings are held individually by members of a group of real estate brokers (Board of Realtors), with the agreement that any member of the group may sell the properties and, in the case of a sale, the commission will be divided between the broker making the sale and the broker who filed the listing with MLS. All the members pay fees to belong to the service, as well as fees to submit listings into the service. Books are usually printed on a regular basis (weekly, bi-weekly) of all the submissions and this information is available only to the members of that MLS system.

Muniments of Title – Written evidence (documents) that an owner possessed to prove his or her title to property.




A B C D E F G H I J K L M N O P Q R S T U V W X Y Z