Real Estate Glossary - Letter M

Maintenance

Any work or activity that will keep a property’s condition for optimum performance.

Management contract

A legal document that contains the terms and condition in hiring a person to maintain a property.

Mandatory

A command or an imperative.

Market indicators

Indices that provide direction and strength of market activity.

Market price

The price of an item paid based on the laws of supply and demand without the influence of external factors.

Market value

The highest price that a seller may expect to receive in the open market for a property.

Marketable title

Title free from risk of litigation because of liens or adverse claims.

Maturity

The due date of a loan.

Maximum rent

The highest amount of rent as established by a rent order or regulation.

Merger

Any consolidation of two parties usually created through a pooling of interest or purchase acquisition.

Minimum Property Requirements

A regulation imposed by the US Federal Housing Authority which requires a real property to be well-built and habitable before loan application is approved

Misrepresentations

False statements made to mislead a person and are usually favorable to the person who made the false statements.

Month-to-month tenancy

In absence of any oral or written agreement, a month-to-month basis of rental condition is usually followed.

Mortgage

A loan obtained specifically to purchase a property; property is then considered as security or collateral for the loan.

Mortgage bond

An evidence of debt secured by a mortgage on a property.

Mortgage broker

Any individual or business entity who acts as a go-between lenders and borrowers for a fee.

Mortgage company

A private business entity that provides loans for the purpose of purchasing real properties.

Mortgage insurance

A policy to protects lenders from financial losses in case of the borrower’s death or disability.

Mortgage investment company

A business entity that purchases mortgages for investment.

Mortgage pool

A collection of mortgages or housing loans used as collateral for securities.

Mortgage relief

A freedom from mortgage obligations usually because another party assumes the mortgage debt.

Mortgagee in possession

When a lender takes over or assumes management of a mortgaged property in default to protect it from damages.

Multiple Listing Service

A compute-based service which provides real estate brokers with detailed information about properties for sale or lease.

Multiple listing clause

A provision in a listings contract which allows the broker to enlist the property in a Multiple Listing Service.