REAL ESTATE DICTIONARY
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MAJOR CONCESSION |
A commercial concession entirely on project land with gross fixed assets or annual gross income over $150,000. See also, COMMERCIAL CONCESSION, MINOR CONCESSION, MIXED CONCESSION. |
| MARKETABLE TITLE | A title that the court considers to be so free from defect that it will enforce its acceptance by a purchaser |
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MARKET PRICE |
The price paid regardless of pressures, motives, or intelligence. |
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MARKET VALUE |
The price at which a willing seller would sell and a willing retail buyer would buy, neither being under abnormal pressure. MARKETABLE OR MERCHANTABLE TITLE A title which is free from reasonable doubt of defect which can be readily sold or mortgaged to a reasonably prudent purchaser or mortgagee; a title free from material defects or grave doubts and reasonably free from possible litigation. |
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MEAN SEA LEVEL |
Average sea level position, midway between average high and average low water. Used as a standard for measurement of heights in the past; now replaced by the National Geodetic Vertical Datum (NGVD) in most of the country. |
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MECHANICS LIEN |
A statutory lien to secure payment to materialmen and mechanics for materials and services used to repair, improve, or maintain real property. |
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MEETING OF MINDS |
A mutual intention of two persons to enter into a contract affecting their legal status based on agreed-upon terms. One of the essential elements of a contract whereby the parties consent to be bound by the exact terms of the contract. |
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METES AND BOUNDS |
A common method of land description that identifies a property by specifying the shape and boundary dimensions of the parcel, using terminal points and angles. A metes and bounds description starts at a well marked point of beginning and follows the boundaries of the land by courses and metes (measures, distances measures, distances and compass direction) and bounds (landmarks, monuments) and returns to the true point of beginning. A description which fails to enclose an area by returning to the point of beginning is defective. |
| MGIC | See Mortgage Guaranty Insurance Corporation |
| MI | See Mortgage insurance |
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MINERAL RIGHTS |
The right to extract minerals from land. Does not include right to use the surface of the land to conduct mineral extraction. This must be obtained from the surface owner. |
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MINOR CONCESSION |
A commercial concession entirely on project land with gross fixed assets or annual gross income under $150,000. See also, COMMERCIAL CONCESSION, MAJOR CONCESSION, MIXED CONCESSION. |
| MISREPRESENTATION | Making false statements in the course of a business transaction |
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MIXED CONCESSION |
A commercial concession on project and private land. See also, COMMERCIAL CONCESSION, MAJOR CONCESSION, MINOR CONCESSION. |
| MODIFICATION | See Loan modification |
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MONUMENT |
A natural or manmade fixed object used as a permanent reference point for surveying or to mark land ownership boundaries. |
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MONUMENTS DESCRIPTION |
A method of describing property by referring to objects (monuments) on the boundaries |
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MORTGAGE |
A legal instrument pledging a described property for repayment of a loan under certain terms. |
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MORTGAGE BROKER |
An individual or firm that makes mortgage loans on its own behalf, with its own funds, usually expecting to re-sell the loans to lenders at a profit. |
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MORTGAGE COMMITMENT |
A formal indication, made by a lending institution, that it will grant a mortgage loan on property in a certain specified amount and on certain specified terms. |
| MORTGAGE COMPANY | A company that makes home loans to borrowers. Most mortgage companies sell the loans they on the secondary market to loan buyers, but continue to service the loans under contracts, collecting payments from borrowers and handling trouble with the loan, such as default and foreclosures |
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MORTGAGEE |
one to whom a mortgage is made; the lender. |
| MORTGAGEE'S TITLE POLICY | A title insurance policy that will pay off the lender’s loss if the title to the mortgaged property fails |
| MORTGAGE GUARANTEE INSURANCE CORPORATION | A major private insurer of mortgage loans in the United States |
| MORTGAGE INSTRUMENT | The legal paperwork to create a mortgage |
| MORTGAGE LIEN | The right of a mortgage lender to force the sale of the mortgaged property if the borrower fails to repay the loan as agreed |
| MORTGAGE REDUCTION CERTIFICATE | An instrument executed by the mortgagee, setting forth the status of and the balance due on the mortgage as of the date of the execution of the instrument |
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MORTGAGOR |
One who makes a mortgage, the borrower. |
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MOTION TO LIFT STAY |
A formal request to a bankruptcy court to dissolve an automatic stay that prevents a lender from foreclosing. Once the motion is granted, the lender may proceed to foreclose unless the borrower can keep up the payments. |
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MULTIPLE USE |
Integrated management of all natural resources to achieve optimum use and enjoyment, while balancing environmental qualities, ecological relationships, and esthetic values. |
