Real Estate Terminology: M
Marketable Title:
A title which a court of equity considers to be so free from defect that it will enforce its acceptance by a purchaser. It does not assume the absolute absence of defect, but rather a title that a prudent, informed purchaser in the reasonable course of business would accept.
Market Value:
The highest price in terms of money, which the property will bring to a willing seller if exposed for sale on the open market allowing a reasonable time to find a willing purchaser.
Metes and Bounds:
A system of land description whereby all boundary lines are set forth by use of terminal points and angles - mete referring to a limit or limiting mark, and bounds referring to boundary lines.
Metropolitan Area:
That area which includes not only the entire chief urban core of a city but also the outlying suburbs which are appended thereto.
Mill:
One-tenth of one cent, a measure used to indicate the property tax rate, e.g. a tax rate of one mill per dollar is the same as 0.10 per cent of the assessed value.
Minor:
A person who is under the age of legal competence.
More or Less:
Term often found in a property description intended to cover slight, unimportant or ubsubstantial inaccurancies of which both parties are willing to assume the risk.
Mortgage:
A contract between a borrower (mortgagor) and a lender (mortgagee) where the borrower pledges a property as security to guarantee repayment of the mortgage debt.
Mortgagee:
The lender in a mortgage transaction.
Mortgage Term:
The length of time a lender will loan mortgage funds to a borrower. Most terms run from six months to five years, after which the borrower will either pay off the balance or renegotiate the mortgage for another term. Payments are calculated using the interest rate offered for the term, the amount of the mortgage, and the amortization period.
Mortgagor:
The borrower in a mortgage transaction.
Multiple Listing Service (MLS):
A comprehensive system for relaying information about properties for sale.
For more terminology and jargon check:
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