Market Value
See “Fair Market Value” |
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Mechanic’s Lien
The right of a craftsman, laborer, supplier, architect or other person who has worked upon improvements or delivered materials to a particular parcel of real estate (either as an employee of the owner or as a sub-contractor to a general contractor) to place a lien on that real property for the value of the services and/or materials if not paid. Numerous other technical laws surround mechanic's liens, including requirements of prompt written notice to the owner of the property (even before the general contractor has been tardy in making payment), limits on the amount collectable in some states, and various time limitations to enforce the lien. Ultimate, last-resort enforcement of the mechanic's lien is accomplished by filing a lawsuit to foreclose the lien and have the property sold in order to be paid. Property owners should make sure that their general contractors pay their employees or subcontractors to avoid a mechanic's lien, since the owner could be forced to pay the debts of a general contractor even though the owner has already paid the contractor. If the worker or supplier does not sue to enforce the mechanic's lien, he/she may still sue for the debt. |
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Metes and Bounds
A surveyor's description of a parcel of real property, using carefully measured distances, angles and directions, which results in what is called a "legal description" of the land, as distinguished from merely a street address or parcel number. Such a metes and bounds description is required to be recorded in official county records on a subdivision map and in the deeds when the boundaries of a parcel or lot are first drawn. |
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Mineral Rights
The ownership of naturally occurring minerals (oil, gold, coal, etc.) under the ground without owning the land above. The rights outlined usually also give the owner access to the mineral rights in their recovery. |
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Model Home
A house on a housing development that is decorated and furnished to show prospective buyers. |
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Mortgage
A legal document that pledges property to a creditor for the repayment of the loan, and is the term used to describe the loan itself. Some states use the term First Trust Deeds to refer to mortgage loans. |
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Mortgage Banker
A company, which provides lending using its own funds. (See mortgage broker) |
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Mortgage Broker
A broker who brings together the lender and borrower. |
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Mortgage Insurance
Insurance written, which protects the lender in the case of a default by the borrower. This sort of insurance is usually written when the buyer places a down payment below a certain percentage. Also referred to as Private Mortgage Insurance (PMI). |
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Mortgage Interest Deduction
A federal tax deduction for interest paid on a mortgage used to acquire, construct, or improve a residence. |
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Mortgage Life Insurance
A life insurance policy that pays off the remaining balance of the insured person's mortgage at death. |
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Mortgagee
The lender in a mortgage agreement. |
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Mortgagor
The borrower in a mortgage agreement. |
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Multidwelling Units
Properties that provide separate housing units for more than one family, although only a single mortgage is secured. |
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Multiple Listing
An exclusive listing which is submitted to all the members and subscribers of a real estate association, giving each an opportunity to find a buyer for the property. This service is sometimes called a Multiple Listing Service (MLS). |
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