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M
Maids
Main water shut-off valve
Maintenance fee
Managed-competition lots
Manager's Quarters
Mansard roof
Mantel
Manufactured housing
Margin
Market conditions
Market value
Masonry
Master-planned community
Maximum financing
Mechanic's lien
Mechanical systems
Median price
Mediation
Merged credit report
Metes and bounds
Mint condition
Mixed-income housing
Mixed-use development
Modification
Molding
Money market account
Money market funds
Mortgage
Mortgage acceleration clause
Mortgage banker
Mortgage broker
Mortgage insurance
Mortgage life insurance
Mortgage-interest deduction
Mortgagee
Mortgagor
Motivated buyer
Motivated seller
Move-in condition
Move-up buyer
Mullion
Multidwelling property
Multifamily mortgage
Multiple listing service (MLS)
Multiple offers
Municipal housing inspector
Maids
Usually, the maids take turns working in the laundry. Good managers keep very
close tabs on the maids. They are paid on a payroll basis, however, in small
Mom and Pop motels, they may very well give them cash every day via so much per
room.
Main water shut-off valve
The primary valve that halts the flow of water from the water meter into a
home.
Maintenance fee
The monthly assessment members of a homeowners' association pay for the repair
and maintenance of common areas.
Managed-competition lots
Lots in which buyers choose between one of several builders.
Manager's Quarters
Where the owner or manager lives. Has access to the front desk. Usually the
personal items in this unit belong to the manager and do not go with the sale
of the motel.
Mansard roof
A roof with four sides that slope upward from the roof edge to the square peak.
Mantel
The facing of stone, marble or other material around a fireplace.
Manufactured housing
Prefabricated homes that can range from simple trailers to larger dwellings.
Margin
The 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 conditions
Factors affecting the sale and purchase of homes at a particular point in time.
Market value
The price that a piece of property sells for at a particular point in time.
Masonry
The brick or stone work on a building.
Master-planned community
A suburban plan that includes homes and commercial, work, educational and
community facilities.
Maximum financing
A loan amount within 5 percent of the highest loan-to-value ratio allowed for a
property.
Mechanic's lien
Subcontractors or suppliers sometimes will file an encumbrance, or mechanic's
lien, against a property to seek payment.
Mechanical systems
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 that area.
Mediation
A dispute-resolution process in which a neutral party works to resolve contract
differences.
Merged credit report
A report that draws information from the Big Three credit-reporting companies:
Equifax, Experian and TransUnion Corp.
Metes and bounds
A time-honored land surveying method of describing land in terms of shape and
boundary dimensions.
Mint condition
Mint condition, or blue-ribbon condition, refers to a house that looks as close
to new as possible.
Mixed-income housing
A neighborhood that contains houses of widely varying prices.
Mixed-use development
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.
Modification
A change in any of the terms of the loan agreement.
Molding
Decorative trim elements applied to walls, ceilings, and window and door
openings.
Money market account
Accounts that work like money market funds and allow individual investors to
participate in certain managed investments and withdraw funds under most
conditions.
Money market funds
A mutual fund that pools the resources of individuals to invest in certain
managed investments.
Mortgage
A 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 clause
A 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 banker
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
A 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 insurance
Required 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 insurance
A special type of insurance that will pay off a mortgage if the borrower dies
before the debt is retired.
Mortgage-interest deduction
The 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.
Mortgagee
A bank or other financial institution that lends money to the borrower. The
borrower is considered the mortgagor.
Mortgagor
The person who borrows money to purchase a house. The lender is called the
mortgagee.
Motivated buyer
Any buyer with a strong incentive to make a purchase.
Motivated seller
Any seller with a strong incentive to make a deal.
Move-in condition
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.
Mullion
A vertical dividing bar between window lights or panels.
Multidwelling property
A property that contains individual units for several households but carries
only one mortgage.
Multifamily mortgage
A 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 offers
Multiple purchase offers occur in hot markets or hot neighborhoods.
Municipal housing inspector
Inspectors employed by cities or counties to check all construction sites and
verify that contractors are meeting building codes.
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