Protecting Pennsylvania Property Since 1984
M
| Market value - The average of the highest price that a buyer would pay and the lowest price a seller would accept. |
Marketable title - A title which a reasonable purchaser, well informed as to the facts and their legal meaning, would be willing to accept. |
Master deed - See declaration. |
Mechanics’ lien - A lien on real estate 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 Boot - Any liability in the exchange assumed or taken subject to. |
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 at a higher loan-to-value ratio. |
Mortgagee - The holder of a mortgage. |
Mortgagee policy - See loan policy. |
Mortgagor - A person who gives a mortgage on his or her property to secure an obligation, usually the repayment of a debt. |
Multiple listing - The pooling in a central bureau of listings of properties for sale. |
Muniments of title - Written evidence (documents) that an owner possesses to prove his or her title to property. See also examination. |
