| 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 excepted 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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