Real Estate Glossary M

Click on the beginning letter of the real estate term to find the definition.

A B C D E F G H I J L N O P Q R S T U V W Y

Market Price: The price paid.

Market Value: The price at which a ready, willing, and informed person would buy something; the price property would command in the current market.

Marketing: The process of identifying and communicating with qualified prospects.

Mechanic's Lien: A lien given by statute to persons supplying labor, materials or services to improve real property. To perfect the lien, certain notices and recordings are required.

Mortgage: A written instrument that creates a lien by pledging real property as security for a debt.

Mortgage Reduction Certificate: An instrument executed by the mortgagee, setting forth the status of and the balance due on the mortgage as of the date of the execution of the instrument.

Mortgagee: The party who lends money and takes a mortgage to secure payment.

Mortgagor: A person who borrows money and gives a mortgage on his or her property as security for the payment of the debt.