Glossary of terms used on this site
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| Term | Definition |
|---|---|
| Manufactured Home |
A house that is put together in standardized sections that are built off-site in a factory then delivered to the building site for assembly.
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| Market Value |
The actual value of property at a specific time.
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| Marketable Title |
A title which is free from liens, encumbrances and other defects that may be transferred to another party.
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| Master Deed |
A title document used in common area projects like condominiums that divides a single property into individually owned units, includes restrictions on their use and provides for ownership of common areas. Also known as a Matrix Deed.
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| Mechanics Lien |
The right of the contractor, craftsman, architect etc to have a lien on the property to recover the payment for his services.
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| Meeting of the Minds |
Mutual agreement by all parties involved to enter into a contract, upon specified terms.
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| Metes and Bounds |
The oldest known form of land surveying that defines land parcels according to visible natural landscape features and distance.
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| Mineral Rights |
The ownership of all rights to gas, oil, or other minerals located on or below the property.
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| Mini Storage (or Mini Warehouse) |
A building separated into relatively small lockable individual storage units that are typically rented from month-to-month.
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| Mortgage |
A type of loan that conveys a security interest in real estate property to the lender as an assurance that the loan obligation will be fulfilled.
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