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Glossary of Real Estate Terms
This Glossary has
been provided as a courtesy to assist you in
gathering information relative to real estate.
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M |
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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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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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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. |
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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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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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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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Metes and Bounds:
The boundary lines of land, with their terminal
points and angles, described by listing the
compass directions and distances of the
boundaries. Originally, metes referred to
distance and bounds referred to direction. |
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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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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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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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