Nonconforming use
Use of property that is permitted to continue after a zoning ordinance prohibiting it has been passed.
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Real Estate Words Glossary Archive
Net lease
Lease requiring the tenant to pay all the costs incurred in maintaining a property, including taxes, insurance, repairs, and other expenses normally required of the owner.
Multiple listing
Agreement that allows real estate brokers to distribute information on the properties they have listed for sale to other members of a local real estate organization. Allows the widest possible marketing of those properties. Commissions are split by mutual agreement between the listing broker and the selling broker.
Mortgagor
Party or person that borrows money, giving a lien on the property as security for the loan; the borrower.
Mortgage company or mortgage banker
Financial intermediary that offers mortgages to borrowers, and then resells them to various lending institutions, government agencies, or private investors.
Maturity date
Date on which principal and interest on a mortgage or other loan must be paid in full.
Market value
Generally accepted as the highest price that a ready, willing, and able buyer will pay and the lowest price a ready, willing, and able seller will accept for a property.
Maintenance fees
Paid by a condominium unit owner to the owners' association for upkeep of the common areas.
