Key Real Estate Terms M | Myers & Myers Real Estate

Definitions Of Key Real Estate Terms M

This article provides the definitions of key estate terms beginning with the letter M.

Management Agreement

is a contract between a property manager and an owner of rental property that identifies the scope of the property manager’s responsibility.

Manufactured Housing

is dwellings that are manufactured off site and moved in by truck and assembled or installed on the lot.

Market

is a place where goods and services are can be bought and sold and where prices are determined.

Marketable Title

is a title that is good or clear and is reasonably free from risk of litigation over defects on the title.

Market Data Approach

is also referred to as sales comparison approach and is used to develop an estimate of real property by comparing to comparable sales in the area.

Market Value

is the most probable price real property will bring in an arms length transaction under normal circumstances after an appropriate exposure to the market.

Material Man

is the supplier of materials used in the construction of a new building or an improvement to real property.

Mechanic’s Lien

is a statutory lien placed on real property by contractors, laborers, or material man who have performed work on real property and have not been paid.

Metes & Bounds Description

is a legal description of a parcel of land that begins at a well marked point and follows the boundaries of the property using direction and distance around the property back to the beginning point.  This type of survey is used in some of the rural areas on New Mexico.

Mill

is one tenth of one cent, in New Mexico a mill rate is established to determine property taxes.  For example a mill rate of 40 will create a tax of $.004 per dollar of Assessed Value of the real property.  If your real property is assessed at $75,000 with a mill rate of 40, then the amount of the tax is 75000*.004 = $300.00.

Mineral Rights

are the rights to the subsurface rights to land and the profits that may occur.  Mineral rights can be severed from the land and may or may not transfer with the land.

Month to Month Tenancy

is a periodic tenancy in which the lessor and lessee agree to a rent on a month by month basis.  Both parties are required to provide on month notice to change this arrangement.

Mortgage

is a conditional transfer or pledge of real estate as security for repayment of a debt.

Mortgage Banker

is an organization or person that normally provides its own funds tor mortgage financing.

Mortgage Broker

is an agent of a lender who bring the borrower and lender together.  Typical the mortgage broker will not lend you the money; they will shop the market and find a banker to lend you the money.  The mortgage broker will collect a fee for this service.

Mortgagee

is the lender.

Mortgagor

is the borrower.

Multiple Listing Service (MLS)

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Definitions Of Key Real Estate Key Terms M