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| Maintenance | The care and work put into a building to keep it in operation and productive use; the general repair and upkeep of a building. If maintenance is deferred, the building will suffer a loss in value. |
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| Maker | One who creates or executes a promissory note and promises to pay the note when it becomes due.. |
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| Mall | A landscaped public area set aside for pedestrian traffic. |
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| Mandatory | A requirement that must be conformed to as specified in any written document. |
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| Marginal Land | Land which is of little value because of some deficiency, such as poor access, lack of adequate rainfall, or steep terrain. |
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| Market Price | The actual selling or leasing price of a property. |
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| Market Rent | The rental income that a property would command on the open market with a landlord and a tenant ready and willing to consummate a lease in the ordinary course of business; indicated by the rents that landlords were willing to accept and tenants were willing to pay in recent lease transactions for comparable space. |
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| Market Study | A forecast of future demand for a certain type of real estate project that includes an estimate of the square footage that can be absorbed and the rents that can be charged. Also called “Marketability Study”. |
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| Market Value | The highest price a property would command in a competitive and open market under all conditions requisite to a fair sale with the buyer and seller each acting prudently and knowledgeably in the ordinary course of trade. |
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| Marketable Title | A title which is free from encumbrances and could be readily marketed (i.e., sold) to a reasonably intelligent purchaser who is well informed of the facts and willing to accept such title while exercising ordinary business prudence. See also “Encumbrance”. |
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| Master Lease | A primary lease that controls subsequent leases and which may cover more property than subsequent leases. An Executive Suite operation is a good example in that a primary lease is signed with the landlord and then individual offices within the leased premises are leased to other individuals or companies. |
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| Master Plan | A comprehensive plan to guide the long-term physical development of a particular area. |
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| Meander Line | An artificial line used by the surveyors to measure the natural, uneven, winding property line formed by rivers, streams and other watercourses bordering a property. |
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| Mechanic?s Lien | A claim created by state statutes for the purpose of securing priority of payment of the price and value of work performed and materials furnished in constructing, repairing or improving a building or other structure, and which attaches to the land as well as to the buildings and improvements thereon. |
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| Meeting of the Minds | When all individuals to a contract agree to the substance and terms of that contract. |
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| Metes and Bounds | A common method of land description that identifies a property by specifying the shape and boundary dimensions of the parcel, using terminal points and angles. |
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| Mid-Rise | A building with between four and eight stories above ground level although in a Central Business District, this might extend to buildings up to twenty-five stories. |
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| Military Clause | A clause inserted in some residential leases to allow the military tenant to terminate the lease in case of transfer, discharge or other circumstances making termination appropriate. |
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| Mineral Rights | Rights to subsurface land and profits. Normally, when real property is conveyed, the grantee receives all right and title to the land including everything above and below the surface, unless excepted by the grantor. |
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| Minor | A person under a legal age, usually under 18 years old. |
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| Misrepresentation | A false statement or concealment of a material fact made with the intent to induce some action by another party. |
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| Mixed-Use | Space within a building or project providing for more than one use (i.e., a loft or apartment project with retail, an apartment building with office space, an office building with retail space). |
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| Modified Gross Lease | Contrasted with a full service lease, a modified gross lease has the tenant paying directly some of the expenses. Typically, it is where the electric and water are separately metered and the tenant pays directly to utility. This may be favorable in controlling expenses for frugal lessees. In comparing lease rates, make sure you consider who is responsible to pay for what. |
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| Money | The cash deposit (including initial and additional deposits) paid by the prospective buyer of real property as evidence of his good faith intention to complete the transaction; called hand money or a binder in some states. |
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| Month-to-Month Tenancy | A periodic tenancy where the tenant rents for one month at a time. In the absence of rental agreement (oral or written), a tenancy is deemed to be month-to-month, or in the case of boarders, week-to-week. |
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| Monument Sign | Signage that is normally not attached to the building. Often located at best street exposure for Tenant Identification. |
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| Monuments | Visible markers, both natural and artificial objects, which are used to establish the lines and boundaries of a survey. |
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| Mortgage | A written instrument creating an interest in real estate and that provides security for the performance of a duty or the payment of a debt. The borrower (i.e., mortgagor) retains possession and use of the property. |
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| Mortgage Banker | A corporation or firm which normally provides its own funds for mortgage financing. |
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| Mortgage Broker | A person or firm which acts as an intermediary between borrower and lender; one who, for compensation or gain, negotiates, sells or arranges loans and sometimes continues to service the loans. |
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| Mortgagee | The one who receives and holds a mortgage as security for a debt; the lender; a lender or creditor who holds a mortgage as security for payment of an obligation. |
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| Mortgagor | The one who gives a mortgage as security for a debt; the borrower; usually the landowner; the borrower or debtor who hypothecates or puts up his property as security for an obligation. |
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| Multiple Listing Service (MLS) | An organization created by Realtors to facilitate the sharing of listings among member brokers. |
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