|
Majority |
The age at which an individual is legally
entitled to handle his or her own affairs |
|
Margin |
The amount added to the index on an
adjustable-rate mortgage (ARM) that establishes the adjusted
interest rate at a given time |
|
Market value, or Fair market value |
The most likely price that a piece of property
or home can realistically be sold for, and is dependent on the
selling price of similar real estate in the area |
|
Marketable title |
A clear, unencumbered title, reasonably
acceptable without the threat of the risk of litigation |
|
Maturity |
The date on which the principal balance of a
loan, bond, or other financial commitment is due and payable |
|
Mechanic's lien |
A lien created by statute to allow unpaid
contractors, laborers or suppliers who have performed work on or
furnished materials for the construction of a building to
recover the value of their work |
|
Metes and Bounds |
Means for describing property by a set of
directions and distances, when there isn't identification based
on a surveyed lot number |
|
Minor |
An individual below the age at which he or she
is legally entitled to handle his or her own affairs |
|
Monument of Survey |
le indications made on natural or man-made
objects that indicate the boundaries of a survey |
|
Mortgage |
A legal document that pledges a property to the
lender as security for the payment of a loan or debt |
|
Mortgage broker |
An individual or company that acts as an agent
between borrowers and lenders for the purpose of arranging and
negotiating mortgage contracts; who is paid a fee for such
service |
|
Mortgage insurance |
A contract that guarantees the lender against
loss caused by a mortgagor's default on a government or
conventional mortgage; such insurance can be issued by a private
company or by a government agency, and covers either only a
percentage, or the total, of the mortgage loan |
|
Mortgagee |
The lender in a mortgage transaction |
|
Mortgagor |
The borrower in a mortgage transaction |
|
Multiple-listing service (MLS) |
An organization of brokers who share their
listing agreements with one another in order to find buyers for
their properties more effectively than they could individually |
