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 |