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Majority
The age at which an individual is legally entitled to handle his or
her own affairs
Margin
The amount added to the index on an adjustable-rate mortgage (ARM)
that establishes the adjusted interest rate at a given time
Market value, or Fair market value
The most likely price that a piece of property or home can
realistically be sold for, and is dependent on the selling price of
similar real estate in the area
Marketable title
A clear, unencumbered title, reasonably acceptable without the
threat of the risk of litigation
Maturity
The date on which the principal balance of a loan, bond, or other
financial commitment is due and payable
Mechanic's lien
A lien created by statute to allow unpaid contractors, laborers or
suppliers who have performed work on or furnished materials for the
construction of a building to recover the value of their work
Metes and Bounds
Means for describing property by a set of directions and distances,
when there isn't identification based on a surveyed lot number
Minor
An individual below the age at which he or she is legally entitled
to handle his or her own affairs
Monument of Survey
le indications made on natural or man-made objects that indicate the
boundaries of a survey
Mortgage
A legal document that pledges a property to the lender as security
for the payment of a loan or debt
Mortgage broker
An individual or company that acts as an agent between borrowers and
lenders for the purpose of arranging and negotiating mortgage
contracts; who is paid a fee for such service
Mortgage insurance
A contract that guarantees the lender against loss caused by a
mortgagor's default on a government or conventional mortgage; such
insurance can be issued by a private company or by a government
agency, and covers either only a percentage, or the total, of the
mortgage loan
Mortgagee
The lender in a mortgage transaction
Mortgagor
The borrower in a mortgage transaction
Multiple-listing service (MLS)
An organization of brokers who share their listing agreements with
one another in order to find buyers for their properties more
effectively than they could individually
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