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- Real Estate Glossary A
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Real Estate Glossary M
Main water shut-off valveThe primary valve that halts the flow of water from the water meter into a home. Maintenance feeThe monthly assessment members of a homeowners' association pay for the repair and maintenance of common areas. Managed-competition lotsLots in which buyers choose between one of several builders. Mansard roofA roof with four sides that slope upward from the roof edge to the square peak. MantelThe facing of stone, marble or other material around a fireplace. Manufactured housingPrefabricated homes that can range from simple trailers to larger dwellings. MarginThe lender's "retail markup" on the mortgage. For example, if the index rate for an adjustable-rate mortgage is 5 percent but the lender has a 2.5 percentage-point margin, the rate the borrower will pay is 7.5 percent. Market conditionsFactors affecting the sale and purchase of homes at a particular point in time. Market valueThe price that a piece of property sells for at a particular point in time. MasonryThe brick or stone work on a building. Master-planned communityA suburban plan that includes homes and commercial, work, educational and community facilities. Maximum financingA loan amount within 5 percent of the highest loan-to-value ratio allowed for a property. Mechanical systemsA home's plumbing, wiring, heating and cooling systems. Mechanic's lienSubcontractors or suppliers sometimes will file an encumbrance, or mechanic's lien, against a property to seek payment. Median priceThe price of the house that falls in the middle of the total number of homes for sale in that area. MediationA dispute-resolution process in which a neutral party works to resolve contract differences. Merged credit reportA report that draws information from the Big Three credit-reporting companies: Equifax, Experian and TransUnion Corp. Metes and boundsA time-honored land surveying method of describing land in terms of shape and boundary dimensions. Mint conditionMint condition, or blue-ribbon condition, refers to a house that looks as close to new as possible. Mixed-income housingA neighborhood that contains houses of widely varying prices. Mixed-use developmentA project that combines several different functions, such as residential space above a commercial establishment or an entire development combining commercial, residential and public accommodations. ModificationA change in any of the terms of the loan agreement. MoldingDecorative trim elements applied to walls, ceilings, and window and door openings. Money market accountAccounts that work like money market funds and allow individual investors to participate in certain managed investments and withdraw funds under most conditions. Money market fundsA mutual fund that pools the resources of individuals to invest in certain managed investments. MortgageA legal document specifying a certain amount of money to purchase a home at a certain interest rate, and using the property as collateral. Mortgage acceleration clauseA clause which allows a lender to demand that the entire balance of the loan be repaid in a lump sum under certain circumstances. The acceleration clause is usually triggered if the home is sold, title to the property is changed, the loan is refinanced or the borrower defaults on a scheduled payment. Mortgage bankerA company that provides home loans using its own money. The loans are usually sold to investors such as insurance companies and Fannie Mae. Mortgage brokerA company that matches lenders with prospective borrowers who meet the lender's criteria. The mortgage broker does not make the loan, but receives payment from the lender for services. Mortgage insuranceRequired by lenders in some loans to protect them from a possible default . All conventional loans with less than a 20 percent down payments require private mortgage insurance, or PMI. Mortgage life insuranceA special type of insurance that will pay off a mortgage if the borrower dies before the debt is retired. MortgageeA bank or other financial institution that lends money to the borrower. The borrower is considered the mortgagor. Mortgage-interest deductionThe tax write-off that the Internal Revenue Service allows most owners to claim for the annual interest payments they make on their real estate loans. MortgagorThe person who borrows money to purchase a house. The lender is called the mortgagee. Motivated buyerAny buyer with a strong incentive to make a purchase. Motivated sellerAny seller with a strong incentive to make a deal. Move-in conditionA house that is ready for a new occupant. Move-up buyerA buyer who has purchased a home before and is looking for a bigger or more expensive home. MullionA vertical dividing bar between window lights or panels. Multidwelling propertyA property that contains individual units for several households but carries only one mortgage. Multifamily mortgageA mortgage on a multifamily dwelling with more than four families, typically an apartment building. Multiple listing service (MLS®)The service combines the listings for all available homes in an area, except For-Sale-By-Owner (FSBO) properties, in one directory or database. Multiple offersMultiple purchase offers occur in hot markets or hot neighborhoods. Municipal housing inspectorInspectors employed by cities or counties to check all construction sites and verify that contractors are meeting building codes.
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