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Market value
The cash price that a willing buyer and willing seller would agree upon, given reasonable exposure of the property to the marketplace, full information as to the potential uses of the property, and no undue compulsion to act.
Marketable title
Title that is fee from reasonable doubt as to who the owner is.
Marketable title acts
State laws aimed at cutting off rights and interest in land that have been inactive for long periods.
Master deed
A document that converts a parcel of land into a condominium subdivision.
Master plan
A comprehensive guide for the physical growth of a community.
Maturity
The end of the life of a loan. Also called the maturity date.
Mechanic's lien
A claim placed against property by unpaid workmen or material suppliers.
Meeting of the minds, mutual agreement
Means that there must be agreement to the provisions of a contract by all parties involved.
Menance
Threat of violence to obtain a contract.
Meridians
Imaginary lines running north and south, used as references in mapping land.
Mile
5,280 feet or 1,760 yards.
Mill rate
Property tax rate that is expressed in tenths of cent per dollar of assessed valuation.
Minor, infant
A person under the age of legal competence, in most states, under 18 years.
Mistake
Refers to ambiguity in contract negotiations and mistake of material fact.
Modification
The influence on land use and value resulting form improvements made by man to surrounding parcels.
Monetary inflation
Price rises due to the creation of excessive amounts of money by the government.
Money damages
Compensation paid in lieu of contract performance.
Money market certificates
Certificates of deposit offered by saving institutions that offer interest rates comparable to current yields on U.S. Treasury bills. Monument
An iron pipe, stone, tree, or other fixed point used in making a survey.
Mortgage
A pledge of property to secure the repayment of a debt.
Mortgage banker
A person or firm that makes mortgage loans and then sells them to investors.
Mortgage broker
A person who brings borrowers and lenders together, a loan broker.
Mortgage company
A business firm that specializes I making Real Estate loans and selling them to investors.
Mortgage-equity technique
A method for valuing income-producing property that takes into consideration the price and availability of money.
Mortgage Guaranty Investment Corporation
Loan insurance programs secondary mortgage market operations.
Mortgage pool
A common fund of mortgage loans in which one can invest.
Mortgagee
The party receiving the mortgage, the lender.
Mortgage's policy
A title insurance policy designed to protect a lender.
Mortgagor
The person who gives a mortgage pledging his property, the borrower.
Mortgagor-Mortgagee Indexes
Alphabetical lists used to locate mortgages in the public records.
Multiple listing service
An organization that enables Brokers to exchange information on listings.
Municipal bond programs
A source of home loans that in turn is financed by the sale of municipal bonds.
Mutual agreement, mutual consent
Means that there must be agreement to the provisions of the contract by all parties involved.
Mutual rescission
Voluntary cancellation of a contract by all parties involved.
Naked title
Title that lacks the rights and privileges usually associated with ownership.
Narrative appraisal
A very thorough appraisal report the typically runs 10 to 100 pages or more.
National Association of Realtors
The dominant Real Estate industry trade association in the United States.
Negative amortization
A situation wherein a loan payment is insufficient to pay the interest due and the excess is added to the balance owed.
Net listing
A listing wherein the commission is the difference between the selling price and a minimum price set by the seller.
Net operation income (NOI)
Gross income less operating expenses, vacancies, and collection losses.
Net spendable
The number of dollars remaining each year after collecting rents and paying operating expenses and mortgage payments.
New for old
An insurance policy provision that provides for the new replacement cost of damaged property.
Non-assumption clause
A clause in a note or mortgage that gives the lender the right to call the entire loan balance due if the property is sold or otherwise conveyed (also called an alienation clause or due-on-sale clause).
Nonconforming use
An improvement that is inconsistent with current zoning regulations.
Nonconforming loan
A loan wherein the borrower is behind in his payments. |
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