Glossary of Real Estate Terms (ma-mo)

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

Main water shut-off valve

The primary valve that halts the flow of water from the water meter into a home.

Mansard roof

A roof with four sides that slope upward from the roof edge to the square peak.

Manufactured housing

Prefabricated homes that can range from simple trailers to larger dwellings.

Mantel

The facing of stone, marble or other material around a fireplace.

Maintenance fee

The monthly assessment members of a homeowners' association pay for the repair and maintenance of common areas.

Managed-competition lots

Lots in which buyers choose between one of several builders.

Margin

The lender's "retail markup" on the mortgage. For example, if the index rate for an adjustable-rate mortgage is 5 percent but the lender has a 2.5 percentage-point margin, the rate the borrower will pay is 7.5 percent.

Market conditions

Factors affecting the sale and purchase of homes at a particular point in time.

Market value

The price that a piece of property sells for at a particular point in time.

Masonry

The brick or stone work on a building.

Master-planned community

A suburban plan that includes homes and commercial, work, educational and community facilities.

Maximum financing

A loan amount within 5 percent of the highest loan-to-value ratio allowed for a property.

Mechanical systems

A home's plumbing, wiring, heating and cooling systems.

Mechanic's lien

Subcontractors or suppliers sometimes will file an encumbrance, or mechanic's lien, against a property to seek payment.

Mediation

A dispute-resolution process in which a neutral party works to resolve contract differences.

Median price

The price of the house that falls in the middle of the total number of homes for sale in that area.

Merged credit report

A report that draws information from the Big Three credit-reporting companies: Equifax, Experian and TransUnion Corp.

Metes and bounds

A time-honored land surveying method of describing land in terms of shape and boundary dimensions.

Mint condition

Mint condition, or blue-ribbon condition, refers to a house that looks as close to new as possible.

Mixed-income housing

A neighborhood that contains houses of widely varying prices.

Mixed-use development

A project that combines several different functions, such as residential space above a commercial establishment or an entire development combining commercial, residential and public accommodations.

Modification

A change in any of the terms of the loan agreement.

Molding

Decorative trim elements applied to walls, ceilings, and window and door openings.

Money market account

Accounts that work like money market funds and allow individual investors to participate in certain managed investments and withdraw funds under most conditions.

Money market funds