Maintenance fee

The monthly assessment members of a homeowners' association pay for the repair and maintenance of common areas.

 

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.

 

Marketable Title      

Title or right of ownership to property which is free of any claims or reasonable doubts which would affect one's ability to sell 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 non-adversarial process where Seller and Buyer select a third party to act as a facilitator.  The third party, called a mediator, assists the parties in finding a creative solution to their dispute.

 

Metes and bounds

A time-honored land surveying method of describing land in terms of shape and boundary dimensions.

 

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 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.

 

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.

 

Multi-dwelling 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.