Real Estate Glossary and Terms
Realty Terms beginning with M
Homes that are pre-constructed in a factory then transported and assembled to a lot where they are placed temporarily or permanently. Styles vary from modest trailers to homes that look as if they were built on site.
The value of a property based on what the market will bear. Determined by a comparison of the subject property to others in a similar area that has sold recently.
The state or appearance of a building, vehicle, or item that is like brand new.
A community or neighborhood where the residents earn wages and salaries that vary drastically.
A conveyance of property to a creditor, as security for payment of a debt, redeemable on the payment or discharge of the debt at a specified date.
Trained professionals with a wealth of knowledge and experience to find the mortgage that best suits your needs, at the best rate available, from a large selection of lenders that include most major banks, trust companies, credit unions. A mortgage broker works for you, not for the lender. Many financial institutions pay finders fees to mortgage brokers who refer business to them making it possible for you to get the best mortgage product at no cost to you.
In Life insurance, a policy covering a mortgagor from which the benefits are intended (1) to pay off the balance due on a mortgage upon the death of the insured, or (2) to meet the payments on a mortgage as they become due in the case of death or disability. Also called "Mortgage Redemption Insurance."
A legal claim against a mortgaged property which must be paid when the property is sold.
A prospective buyer with strong personal reasons who must purchase a property quickly. A strong motivation to buy is generally due to time restraints.
A property owner who has an urgent need to sell his or her property quickly. Sellers are often motivated for a fast sale because of time restraints or financial difficulties.
When the new owner or occupant is given the go ahead to move in, the property is said to be in move-in condition. This means construction is completely finished, all the touch ups are done, the appliances are in working order, and the property has been thoroughly cleaned making it ready for occupancy.
A building or dwelling that has more than four residential units.