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Real Estate Words Glossary Archive


Nonconforming use

Use of property that is permitted to continue after a zoning ordinance prohibiting it has been passed.


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.


Mortgagee

Party or institution that lends money; the creditor.


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.


Mortgage broker

Individual or company that brings borrowers and lenders together; a loan broker.


Mortgage

Legal document that creates a lien on property; it secures the repayment of a loan.


Maturity date

Date on which principal and interest on a mortgage or other loan must be paid in full.


Master plan

Long-range, comprehensive guide for the physical growth or development of a community.


Master deed

Document that converts a parcel of land into a condominium subdivision.


Marketable title

Good and clear title that is free from reasonable doubt as to who the owner is.


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.


Market price

Actual selling price of a property.


Maintenance fees

Paid by a condominium unit owner to the owners' association for upkeep of the common areas.