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Real Property Glossary -M-
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Main girderThe main support running between foundation walls to carry the weight of a floor.
Main water shut-off valve
The primary valve that halts the flow of water from the water meter into the
home.
The monthly assessment paid by homeowners' association members for the repair and maintenance of common areas.
Managed-competition lots
Lots in which buyers choose between one of several builders.
A roof with four sides that slope upward from the roof edge to a square peak.
Mantel
The facing of stone, marble or other material around a fireplace.
Prefabricated homes that can range from simple trailers to large dwellings.
Margin
A percentage added to the index and fixed for the life of the loan. When the
initial interest rate on an adjustable-rate loan has expired, the interest rate
moves toward the sum of its index plus a margin.
Factors affecting the sale and purchase of homes at a particular point in time.
Market value
The price a piece of property sells for at a particular point in time.
A good or clear title that is free of defects.
Masonry
The brick or stone work on a building.
A suburban plan that includes homes and commercial, work, educational and community facilities.
Mastic
Construction adhesive (usually applied with a caulking gun)
Any defect in a specific property that could either affect a buyer's decision to purchase it or affect the property's value, such as a cracked foundation.
Material fact
Any information about a specific property that could affect a buyer's decision
to purchase it, such as an upcoming zoning change in the neighborhood.
A loan amount within 5 percent of the highest loan-to-value ratio allowed for a property.
Mechanic's lien
A mechanic's lien is often filed by subcontractors or suppliers seeking payment
for work or services performed without receipt of payment.
A home's plumbing, wiring, heating and cooling systems.
Median price
The price of the house that falls in the middle of the total number of homes for
sale in an area.
A dispute resolution process where a neutral party works to resolve contract differences.
Merged credit report
A report that draws information from the three (3) main credit-reporting
agencies incvluding: Equifax, Experian and Trans Union.
A device that measures electrical current or water flow to a property.
Meter pan
A piece of equipment through which the service conductor runs.
A time-honored land surveying method of describing land in terms of shape and boundary dimensions.
Mint condition
Mint condition refers to a house that looks as close to new as possible.
The manner in which two boards that meet at right angles are cut so that ends do not show. Miters are usually 45-degree cuts.
Mixed-income housing
A neighborhood containing homes of widely varying prices.
A project that combines several different functions, such as residential space above a commercial establishment or an entire development combining commercial, residential, and public accommodations.
MLS
MLS is an acronym for the Multiple Listing Service. This service combines the
listings for all available homes in an area (except For Sale By Owner
properties) in one directory or database.
A change in the terms of a loan agreement.
Modified annual percentage rate (APR)
The modified APR is an index of loan cost based on the standard APR and adjusted
for the time the borrower expects to hold the loan.
Decorative trim applied to walls, ceilings, window and door openings.
Monolithic slab
A slab that is part of the footings.
A payment due monthly to a homeowners' association for maintenance and communal expenses.
Mortar
Cement-based material that provides the base for brick, stone, and other masonry
materials.
A sum of money borrowed to purchase a home using the property as collateral. A mortgage is the legal document that pledges the property as collateral for a loan.
Mortgage acceleration clause
A clause that allows a mortgage lender to demand repayment of the entire loan
balance in a lump sum under certain circumstances, such as when the home is
sold, title is changed, the loan is refinanced or the borrower defaults on a
scheduled payment.
A company that provides home loans using its own money. The loans are usually sold to investors such as insurance companies and Fannie Mae.
Mortgage broker
An individual that matches lenders with prospective borrowers who meet the
criteria of lenders the broker is approved to deal with.
Mortgage broker business
A company that matches lenders with prospective borrowers who meet the
criteria of lenders the broker is approved to deal with. The mortgage broker
business does not keep or make the loan, but receives payment from the lender
for services.
Required by lenders on some loans to protect lenders from a possible default. Most conventional loans with down payments or home equity percentages that are less than 20 percent of the home value require private mortgage insurance (PMI).
Mortgage life insurance
Insurance that will pay off a mortgage if the borrower dies before the debt is
retired.
The tax write-off that the Internal Revenue Service allows most owners to claim for annual interest payments made on real estate loans.
Mortgagee
A bank or other financial institution that lends money to the borrower. The
borrower is considered the mortgagor.
The person who borrows money to purchase a house. The lender is called the mortgagee.
Mortise lockset
A doorknob and latch set designed to fit into a rectangular pocket cut into the
edge of a door.
A buyer with a strong incentive to make a purchase.
Motivated seller
A property owner with a strong incentive to sell.
A house that is ready for a new occupant.
Move-up buyer
A buyer who has purchased a home before and is looking for a bigger or more
expensive home.
A vertical dividing bar between window panes or panels.
Multi-dwelling property
A property that contains individual units for several households but carries
only one mortgage.
Municipal housing inspector
Inspectors employed by cities or counties to check all construction sites and
verify that contractors are meeting local building codes.
A wooden division that separates panes of glass in a multi-paned window or door.
