Glossary M

MAISONETTE
A 2-level residential unit in a building. The adjoining floors of the units are connected by an internal staircase in the house.

MAJORITY
The age at which a person may handle his own affairs.

MARGIN
The amount a lender adds to the index on an adjustable rate mortgage to establish the adjusted interest rate.

MARKETABLE TITLE
Title without defects or claims so as to be readily accepted without fair or reasonable doubt.
compare INSURABLE TITLE

MARKET VALUE
The highest price that a buyer would pay and the lowest price a seller would accept on a property. Market value may be different from the price a property could actually be sold for at a given time.

MECHANIC’S LIENS
The right of an unpaid contractor, laborer or supplier to file a lien against property to recover the value of his work

MEDIAN PRICE
For detached, semi-detached and terrace houses, the median price is computed based on their land area. For strata sub-divided properties, such as apartments, condominiums, cluster housing and townhouses, the median price is computed based on their strata floor area.

METES AND BOUNDS
A means of describing land by directions and distances rather than reference to a lot number. Generally used when land has not been subdivided into lots.

MONTHLY REST
Also known as monthly reducing, the interest will be calculated on the outstanding principal at the start of each month.

MORTGAGE
A voluntary lien filed against property to secure a debt, usually a loan. To foreclose, the lender must often institute a court action and the borrower may have the right to reclaim the property after foreclosure. compare DEED OF TRUST

MORTGAGE INSURANCE
Money paid to insure the mortgage when the down payment is less than 20 percent.
see private mortgage insurance, FHA mortgage insurance
see Mortgagee
see The lender

MORTGAGE REDUCING INSURANCE
A type of insurance purchased for the sole purpose of protecting the outstanding loan. The insurance cover is equivalent with the outstanding loan amount.

MORTGAGEE
The lender in a mortgage agreement.

MORTGAGOR
The borrower or home owner.
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