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M

MARKET DATA APPROACH - An appraisal approach that estimates value by comparing the subject property to recently sold comparable properties.

Marketable Title

A title that is free and clear of objectionable liens, clouds, or other title defects. A title which enables an owner to sell his property freely to others and which others will accept without objection.

MARKET PRICE - An actual price paid by a buyer to a seller.

MARKET VALUE - The price property will bring in an active market.

MECHANIC'S LIEN - A statutory lien in favor of laborers and suppliers against real property they have improved, to assure payment for their services and goods.

MERIDIAN - The major north/south line in a section of the U.S. Government Survey System.

METES AND BOUNDS DESCRIPTION - A method of land description that tells the reader where to begin and where to progress to follow the boundaries and return to the beginning.

MISREPRESENTATION - The innocent misstatement or omission of a material fact relied upon by another party.

Mortgage
A lien or claim against real property given by the buyer to the lender as security for money borrowed. Under government-insured or loan-guarantee provisions, the payments may include escrow amounts covering taxes, hazard insurance, water charges, and special assessments. Mortgages generally run from 10 to 30 years, during which the loan is to be paid off.  A security instrument giving a lender the right to force the sale of the secured property to recover it's investment if the borrower defaults.

MORTGAGE BANKER - An originator of mortgage loans who also offers collection and other administrative services to the major warehouses and investors.

MORTGAGE BROKER - An originator of mortgage loans who does not offer continuing collection or administrative services to the investors.

Mortgage Commitment
A written notice from the bank or other lending institution saying it will advance mortgage funds in a specified amount to enable a buyer to purchase a house.

Mortage Insurance Premium
The payment made by a borrower to the lender for transmittal to HUD to help defray the cost of the FHA mortgage insurance program and to provide a reserve fund to protect lenders against loss in insured mortgage transactions. In FHA insured mortgages this represents an annual rate of one-half of one percent paid by the mortgagor on a monthly basis.

Mortgage Note -A written agreement to repay a loan. The agreement is secured by a mortgage, serves as proof of an indebtedness, and states the manner in which it shall be paid. The note states the actual amount of the debt that the mortgage secures and renders the mortgagor personally responsible for repayment.

 Mortgage (Open- End) -A mortgage with a provision that permits borrowing additional money in the future without refinancing the loan or paying additional financing charges. Open- end provisions often limit such borrowing to no more than would raise the balance to the original loan figure.

MORTGAGEE - The lender under a mortgage.

MORTGAGOR - The borrower under a mortgage.

MULTIPLE LISTING - A listing for which the listing broker distributes the relevant information to many other brokers via a Multiple Listing Service .

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