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Glossary of terms used on this site

There are 202 entries in this glossary.
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Term Definition
Maintenance fees

Paid by a condominium unit owner to the owners’ association for upkeep of the common areas.

Market price

Actual selling price of a property.

Market value

Generally accepted as the highest price that a ready, willing, and able buyer will pay and the lowest price a ready, willing, and able seller will accept for a property.

Marketable title

Good and clear title that is free from reasonable doubt as to who the owner is.

Master deed

Document that converts a parcel of land into a condominium subdivision

Master plan

Long-range, comprehensive guide for the physical growth or development of a community.

Maturity date

Date on which principal and interest on a mortgage or other loan must be paid in full.

Mortgage

Legal document that creates a lien on property; it secures the repayment of a loan.

Mortgage broker

Individual or company that brings borrowers and lenders together; a loan broker.

Mortgage company or mortgage banker

Financial intermediary that offers mortgages to borrowers, and then resells them to various lending institutions, government agencies, or private investors.

Mortgagee

Party or institution that lends money; the creditor.

Mortgagor

Party or person that borrows money, giving a lien on the property as security for the loan; the borrower.

Multiple listing

Agreement that allows real estate brokers to distribute information on the properties they have listed for sale to other members of a local real estate organization. Allows the widest possible marketing of those properties. Commissions are split by mutual agreement between the listing broker and the selling broker.

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