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Term Definition
Market Value

The average of the highest price that a buyer, willing but not compelled to buy, would pay and the lowest price a seller, willing but not compelled to sell, would accept.

Mechanic's Lien

A lien on real estate, created by operation of law, that secures the payment of debts due to persons who perform labor or services or furnish materials incident to the construction of buildings and improvements on the real estate.

Metes and Bounds

A land description in which boundaries are described by courses, directions, distances and monuments.

Mortgage

A conditioned pledge of property to a creditor as security for the payment of a debt.

Mortgage Insurance

Insurance written by an independent mortgage insurance company protecting the mortgage lender against loss incurred by a mortgage default, thus enabling the lender to lend a higher percentage of the sale price.

Mortgagee

The holder of a mortgage. The party to whom a mortgage is made, generally the lender.

Mortgagor

A person who mortgages property. A person who executes a mortgage, generally the property owner.

Multiple Listing

The pooling in a central bureau of listings of properties for sale. These listings are held individually by members of a group of real estate brokers, with the agreement that any member of the group may sell the properties and, in the case of a sale, the commission will be divided between the broker making the sale and the broker who filed the listing.

Multiple Listing Service (MLS)

A local or regional service that compiles available properties for sale by member brokers. Detailed information about properties is provided to brokers, agents and the public, generally online. Local MLS organizations have their own rules and systems for providing listing information.

Muniments of Title

Written evidence (documents) that an owner possesses to prove his or her title to property.

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