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 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
materialmen 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 of a material fact made
with 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, 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 members.
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