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Legal Term |
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-M-
Maintenance
Fee
An assessment by a homeowners' association
or condominium owners' association used to
pay the costs of maintaining the common areas.
Management
Agreement
A document used to define the rights and duties
of an owner and a manager which also identifies
the method and the amounts of compensation
for the managing agent for maintaining the
property and renting the space.
Mansard
Roof
A roof having two slopes on all four sides,
with the lower slope steeper than the upper,
less steep sections.
Manufactured
Home
An alternative housing construction type such
as mobile homes which are produced mainly
in factories and then later moved to a permanent
site.
Marginal
Land
Land which barely pays the cost of working
or using it.
Marginal
Tax Rate
Tax rate on an additional dollar of income.
Due to the progressive rate structure of income
taxes, an additional dollar of income could
be taxed at a higher rate than all previous
income.
Market
Analysis
An estimate of value developed for the purpose
of arriving at a selling or market price.
Market Price
The price paid regardless of pressure, motive,
or intelligence.
Market
Value
The highest price which a property will bring
in a competitive and open market and under
all conditions required for a sale.
Marketable Title
A Title free and clear of reasonable objections
and doubts. (also called Merchantable Title)
Mechanic's Lien
A lien created by statute in favor of contractors
or persons supplying labor, materials, or
other services to improve real property. If
the contractor is not paid for goods and services,
that person is entitled to a lien against
the property as a means of securing payment.
Mello
Roos
In California, Mello Roos taxes are additional
encumbrances added to basic property taxes.
A Mello Roos tax is a method of financing
or underwriting the cost of public improvements
or infrastructure such as sidewalks, sewer
lines, utilities, roads, recreational facilities,
schools, libraries, fire stations, etc. that
are needed to support new development.
Member
Appraisal Institute (MAI)
MAI is a designation held by appraisers who
are members of the Appraisal Institute and
who have met rigorous requirements and demonstrated
expertise in the evaluation and valuation
of commercial, industrial, residential and
other properties and who are also able to
advise clients on real estate investment decisions.
Merchantable
Title
(See Marketable Title)
Merger of Title
The combination of two estates. Also refers
to the joining of one estate burdened by an
encumbrance and another estate benefited by
the encumbrance. Whenever a benefit and a
burden are merged, the encumbrance is dissolved.
Mini-warehouse
A building separated into small lockable individual
storage units which usually have a garage
door opening and are normally rented from
month-to-month.
Minus
Cash Flow
An event that takes place when there is not
enough cash, income or profit to cover expenses
and debt due to operations. (also Negative
Cash Flow)
Misrepresentation
A false or misleading statement or assertion
of a material fact with the intent of deceiving
someone into taking a course of action he
would not otherwise normally pursue. A licensee
may be disciplined for misrepresentation even
though the misrepresentation did not result
in a loss to the principal.
Mobile Home
A manufactured home structure designed and
equipped to be used with or without a foundation
system. It is constructed in a factory and
then transported to the site in one or more
sections.
Model
Home
A house used as an exhibit in an attempt to
sell other similar houses.
Month-to-Month
Tenancy
A lease of property for a month at a time,
under a periodic tenancy that continues for
successive months until terminated by proper
notice, usually 30 days.
Moratorium
A temporary suspension of development or utilities
connections imposed by local government.
Mortgage
A contract by which property is hypothecated
or pledged as security for the payment of
a debt and by which a procedure for foreclosure
is established by statute in event of default.
Mortgage Guaranty
Insurance
The insurance that is available to mortgage
lenders from Private Mortgage Insurance Companies
(PMICs) that protects the lenders in the event
of financial loss.
Mortgagee
A lender or creditor who is the receiver of
a mortgage and to whom a mortgagor gives a
mortgage to secure a loan or the performance
of an obligation.
Mortgagor
A debtor or borrower who gives a mortgage
on his or her property to a mortgagee to secure
a loan or assure performance of an obligation.
Motivated
Seller
A party who needs to dispose of his or her
property quickly.
Mudroom
A small room designed as an entrance from
outside to keep a home cleaner.
Multiple Listing
A listing, usually an exclusive-right-to-sell,
taken by a member of an organization composed
of real estate brokers with the provisions
that all members will have the opportunity
to find an interested client; a cooperative
listing.
Multiple
Listing Service (MLS)
An association of real estate licensees that
provides for a pooling of listings and the
sharing of commissions on a specified basis.
Murphy
Bed
A Murphy Bed is a bed that flips up for storage
inside a closet. To achieve this, the mattress
is attached to the bed frame. Murphy beds
are used for space-saving purposes. Most Murphy
beds do not have box springs. Instead, the
mattress usually lies on wire mesh. Most Murphy
beds do not have headboards or footboards,
however some models do. The
first Murphy beds were manufactured in San
Francisco in 1918. View the Murphy
Bed Company here.
Mutual Assent
An agreement between the parties in a contract.
The offer and acceptance of a contract.
The
definitions of Real Estate Definitions found
on 10Realty.com are for general information
only. All information is subject to change
and should be independently verified. 10Realty.com
makes no representations or warranties of
any nature with regard to the information
found on the pages therein. 10Realty.com assumes
no responsibility for any liabilities or losses
claimed or incurred as a result of using this
information. (Real Estate Terms, Investment
Terms, Banking Terms explained, definitions,
legal definitions, legal terms and definitions)
