Glossary in Letter M

Maintenance fee
A monthly assessment paid by homeowner association’s member for the repair and maintenance of common areas.
Managed-competition lots
Lots in which buyers choose between one of several builders.
Manufactured housing
Manufactured housing (also known as prefab housing) is a type of housing unit that is largely assembled in factories and then transported to sites of use.
Margin
A percentage added to the index and fixed for the life of the loan. When the initial interest rate on an adjustable-rate loan has expired, the interest rate moves toward the sum of its index plus a margin.
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.
Marketable title
A good or clear title that is free of defects.
Master-planned community
A suburban plan that includes homes and commercial, work, educational, and community facilities.
Material defect
Any defect in a specific property that could either affect a buyers decision to purchase it or affect the property’s value, such as a cracked foundation.
Material fact
Any information about a specific property that could affect a buyers decision to purchase it, such as an upcoming zoning change in the neighborhood.
Maximum financing
A loan amount within 5 percent of the highest loan-to-value ratio allowed for a property.
Mechanics lien
A hold on property for the benefit of someone whose work or property improves the property. It is called by various names, including material man’s lien, supplier's lien, laborer's lien, construction lien and others.
Median price
The price of the house that falls in the middle of the total number of homes for sale in an area.
Mediation
A dispute-resolution process in which a neutral party works to resolve contract differences.
Merged credit report
A report that draws information from the Big Three credit-reporting companies: Equifax, Experian, and Trans Union Corp.
Mint condition
A Mint 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
Mixed-use development refers to the practice of containing more than one type of use in a building or set of buildings. In zoning terms, this can mean some combination of residential, commercial, industrial, office, institutional, or other uses.
MLS (multiple listing service)
A database which allows real estate brokers representing sellers under a listing contract to widely share information about properties with real estate brokers who may represent potential buyers or wish to cooperate with a seller's broker in finding a buyer for the property. The MLS combines the listings of all available properties that are represented by brokers who are both members of that MLS system and of NAR or CREA, (the National Association of Realtors in the US or the Canadian Real Estate Association).
Modified annual percentage rate (APR)
The modified APR is an index of loan cost based on the standard APR and adjusted for the time the borrower expects to hold the loan.