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There are 21 entries in the definition.
Pages: 1
Term Definition
MajorityThe age at which a person no longer considered a minor and is entitled to contract and enjoy civic rights, such as voting.
 
Market ValueThe price that a home will likely fetch on the market, based on comparisons to similar homes that have sold recently.
 
Marketable TitleA title which enables an owner to sell his property freely to others and which others will accept without objection.
 
Mechanic's LienA lien created by statute for the purpose of securing priority of payment for the price or value of work performed and materials furnished in construction or repair of improvements to land, and which attaches to the land as well as the improvements.
 
Metes and BoundsA land description in which boundaries are described by courses, directions, distances and monuments.
 
MinorOne who because of insufficient age or status is legally incapable of making contracts.
 
Modification Deed of TrustA document that alters, adds, or cancels some of the terms or stipulations but leaves the general purposes or effect of the document intact.
 
Monument of SurveyVisible marks or indications left on natural or other objects indicating the lines and boundaries of a survey. May be posts, pillars, stones, cairns, and other such objects. May also be fixed natural objects, blazed trees, roads and even a water course.
 
MortgageA lien or claim against real property given by the buyer to the lender as security for money borrowed. Under government-insured or loan-guarantee provisions, the payments may include escrow amounts covering taxes, hazard insurance, water charges and special assessments. Mortgages generally run from 10 to 30 years, during which the loan is to be paid off.
 
Mortgage (Open-End)A mortgage with a provision that permits borrowing additional money in the future without refinancing the loan or paying additional financing charges. Open-end provisions often limit such borrowing to no more than would raise the balance to the original loan figure.
 
Mortgage BankerA specialized lending institution that lends money solely with respect to real estate and secures its loans with mortgages on the real estate.
 
Mortgage BrokerA person or company that buys and sells mortgages for another on commission or who arranges for and negotiates mortgage contracts.
 
Mortgage CommitmentA written notice from the bank or other lending institution saying it will advance mortgage funds in a specified amount to enable a buyer to purchase a house.
 
Mortgage InsuranceInsurance written by an independent mortgage insurance company protecting the mortgage lender against loss incurred by a mortgage default, thus enabling the lender to lend a higher percentage of the sale price.
 
Mortgage NoteA written agreement to repay a loan. The agreement is secured by a mortgage, serves as proof of an indebtedness, and states the manner in which it shall be paid. The note states the actual amount of the debt that the mortgage secures and renders the mortgagor personally responsible for repayment.
 
Mortgage-Backed SecuritiesSecurities similar to bonds, but having their value based on a pool of mortgages. The rate of return is based on the interest rate of the mortgages, plus early payoffs, which increases the value of any discounts. The price of the securities will vary as interest rates rise and fall.
 
MortgageeThe lender in a mortgage agreement.
 
Mortgagee PolicySee Lender's Policy.
 
MortgagorThe borrower in a mortgage agreement.
 
Multiple ListingThe pooling in a central bureau of listings of properties for sale. These listings are held individually by members of a group of real estate brokers, with the agreement that any member of the group may sell the properties and, in the case of a sale, the commission will be divided between the broker making the sale and the broker who filed the listing.
 
Muniments of TitleWritten evidence (documents) that an owner possesses to prove his or her title to property. 
 


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