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Real Estate Definitions

These are definitions related to real estate. The definitions can be very helpful in understanding much of the confusion that comes over people when they are trying to understand what a realtor or a loan officer might be saying. If you have any other words you may need defined, do not hesitate to call me at 608-219-8014.



Majority: The age at which an individual is legally entitled to handle his or her own affairs.

Margin: The amount added to the index on an adjustable-rate mortgage (ARM) that establishes the adjusted interest rate at a given time.

Market value, or Fair market value: The most likely price that a piece of property or home can realistically be sold for, and is dependent on the selling price of similar real estate in the area.

Marketable title: A clear, unencumbered title, reasonably acceptable without the threat of the risk of litigation.

Maturity: The date on which the principal balance of a loan, bond, or other financial commitment is due and payable.

Mechanic's lien: A lien created by statute to allow unpaid contractors, laborers or suppliers who have performed work on or furnished materials for the construction of a building to recover the value of their work.

Metes and Bounds: Means for describing property by a set of directions and distances, when there isn't identification based on a surveyed lot number.

Minor: An individual below the age at which he or she is legally entitled to handle his or her own affairs.

Monument of Survey: The indications made on natural or man-made objects that indicate the boundaries of a survey.

Mortgage: A legal document that pledges a property to the lender as security for the payment of a loan or debt.

Mortgage broker: An individual or company that acts as an agent between borrowers and lenders for the purpose of arranging and negotiating mortgage contracts; who is paid a fee for such service.

Mortgage insurance: A contract that guarantees the lender against loss caused by a mortgagor's default on a government or conventional mortgage; such insurance can be issued by a private company or by a government agency, and covers either only a percentage, or the total, of the mortgage loan.

Mortgagee: The lender in a mortgage transaction.

Mortgagor: The borrower in a mortgage transaction.

Multiple-listing service (MLS): An organization of brokers who share their listing agreements with one another in order to find buyers for their properties more effectively than they could individually.

Keller Williams real estate agency serving Madison and the southern Wisconsin area

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Nataliya Flannery
My Cell Phone: (608) 219-8014
My Fax Number: (608) 831-0825
My Email: natflannery@kw.com
Alternate Website: Nataliya Flannery
- Madison Real Estate

Keller Williams-West Madison:
3 Point Place
Madison, WI 53719
Last Updated: March 23, 2007 All information copyright madison-real-estate.net 2005, Webmaster