Real Estate Words – M

Managing Broker: A real-estate-sales office manager, licensed by the state and noted as broker of record for the office.
Market Familiarization Trip: A trip taken by a corporate transferee to a new location to explore the new surroundings.
Market Value: The average of the highest value a non-interested buyer is willing to pay and the lowest value a non-interested seller is willing to accept.
Marketable Title: Ownership of real property that is free and clear from claims such has liens or mortgages, which allows for the free transfer of the property to a new owner.
Marketing Period: The amount of time a transferee is able to market property as set forth by a contract with a third-party company.
Margin: The difference between the interest rate and the index on an adjustable rate mortgage. The margin remains stable over the life of the loan. It is the index that moves up and down.
Mechanic’s Lien: A legal lien on real estate where service providers (contractors, laborers and materialmen) receive priority of payment for the price or value of work performed and materials furnished in construction or repair or improvements to a property.
Metes and Bounds: The boundary lines of land, with their terminal points and angles. A way of describing land by listing the compass directions and distances of the boundaries.
Mortgage: A security, in the form of a property pledge, held by a creditor until the terms of its agreement have been met. Instead of mortgages, some states use First Trust Deeds.
Mortgage Banker: An individual who lends the funds to the borrower on behalf of the bank and manages the selling and servicing of them.
Mortgage Broker: A business or individual that originates loans for a prospective homebuyer by offering a range of mortgage products from a variety of lending sources.
Mortgage Life Insurance: A policy that fulfills the obligations of a mortgage when the policyholder dies.
Mortgage Loan Servicing Company: A company that collects loan payments from borrowers on a monthly basis.
Mortgagee: One who lends money for the purchase of real property, typically a bank or mortgage company.
Mortgagor: One who borrows money for the purpose of purchasing real property, usually a homebuyer or business owner.
Multiple Listing Service (MLS): A service that accumulates property listing data for all its members and makes it available for their use.
Multiple Offers: When there is more than one interested buyer negotiating deals simultaneously for one property.