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Real Estate Dictionary


   

M

Manor - The landed estate of a lord including the house on it.

Mansion - The house of the lord of a manor; a manor house. Any house of considerable size or pretension.

Margin - The difference between the interest rate and the index on an adjustable rate mortgage. The margin remains stable over the life of the loan. It is the index which moves up and down.

Market Order - A buy or sell order to be executed immediately at current market prices.

Marketability - Salability. The probability of selling a property within a period of time, a price range and for specific terms.

Market Equilibrium - An economic definition describing a situation where the demand and supply meet.

Market Value - The highest price that a buyer is willing to pay and the lowest price that a seller is willing to accept for real estate. See also Fair Market Value.

Market Value Approach - Appraising the value of property by comparing the price of similar properties recently sold. The degree of similarity of the properties and circumstances of the sale are important considerations in determining value.

"Mas Moshav" - (Hebrew) The tax paid in a "Moshav" in Israel for all the services the municipality of the "Moshav" provides. It is paid per built square meters, whether it is in license or not. There is also Arnona tax payment for the services the regional council provides.

Master Plan - A zoning plan for an entire governmental subdivision, such as a city. A comprehensive plan to allow a city to grow n an orderly and sound manner, both economically and ecologically.

Maturity - The date on which the principal balance of a loan, bond, or other financial instrument becomes due and payable.

"Meshek" - (Hebrew) Extensive landed property in a "Moshav". The purpose is residential, agriculture, commerce and vacation. Each "Meshek" owner is also a member in the agriculture association of the moshav. See also Estate, Farm, "Nachala" (Hebrew).

Memorandum of Understanding Protocol - A legal document describing an agreement between parties. It is a more formal alternative to a gentlemen's agreement, but less formal than a contract. If the memorandum includes the date of signing, all the details of both parties of a deal, the address of the property with a brief description and the installment plan it is a legally binding contract.

"Minhal" - (Hebrew) Israel Land Administration. 93% of the land in Israel is public domain; that is, either property of the state, the Jewish National Fund (J.N.F) or the Development Authority. The Israel Land Administration (ILA) is the government agency responsible for managing this land which comprises 5,750,000 acres. "Ownership" of real estate in Israel usually means leasing rights from the ILA for 49 or 98 years.

"Minhal" Land - The long term lessee is not 100% owner of the land, which is discounted in certain percentage and there is a long term lease contract on the land for specific building rights between the lessee and the "Minhal". The lease contract can be also in the "Tabu".

Mispresentation - A statement or conduct by a person which represents to another a fact which is not true. A seller, broker, or builder may have a duty to disclose certain defects in property to a buyer or tenant. Failure to disclose is also misrepresentation. It may be innocent (reasonably believed to be true), deliberate (known to be wrong), or negligent (should have known). Depending on the facts and extent of misrepresentation, there may be a suit for damages, rescission of a contract, punitive action against the broker (loss of license), etc.

Monetary Policy - Actions taken by the government to influence the money supply or interest rates.

Money Market - Includes short term, highly liquid, and relatively low risk debt instrument.

"Moshav" - (Hebrew) A small village. Partially cooperative settlement of smallholders. Hebrew name for a rural settlement. There are 253 "Moshavim" all over Israel. The members of the "Moshav" called "friends", which are a part of an agriculture association and has a part in its shared properties. Besides those members, there are other residents, who don't have rights in the shared properties of the agriculture association. Each "Moshav" is part of a regional council.

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. A guarantee of real estate from a borrower as security for the payment of a loan to a lender. A legal document that pledges a property to the lender as security for payment of a debt.

Mortgage Backed Securities - Ownership claims in a pool of mortgages or an obligation that is secured by such a pool.

Multiple Listing (MLS) - An exclusive listing, submitted to all members of a real estate association, so that each member may have an opportunity to sell a property.

Mutual Fund - A firm pooling and managing funds of investors.

 
 
 
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