Real Estate Glossary

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Maintenance fees
Paid by a condominium unit owner to the owners’ association for upkeep of the common areas.

Market price
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.

Marketable title
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.

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