|Maintenance fees |
Paid by a condominium unit owner to the owners’ association for upkeep of the common areas.
Actual selling price of a property.
|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.
Good and clear title that is free from reasonable doubt as to who the owner is.
|Master deed |
Document that converts a parcel of land into a condominium subdivision.
|Master plan |
Long-range, comprehensive guide for the physical growth or development of a community.
|Maturity date |
Date on which principal and interest on a mortgage or other loan must be paid in full.
Legal document that creates a lien on property; it secures the repayment of a loan.
|Mortgage broker |
Individual or company that brings borrowers and lenders together; a loan broker.
|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.
Party or institution that lends money; the creditor.
Party or person that borrows money, giving a lien on the property as security for the loan; the borrower.
|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.