MARGINAL LAND. Land which barely pays the cost of working on or using it.
MARKETABLE TITLE. A merchantable title being free and clear of objectionable liens or encumbrances.
MARKET PRICE. The price considered to be obtainable in the open market under the conditions existing; The price actually paid regardless of pressures, motives or intelligence.
MARKET VALUE. Same as FAIR MARKET VALUE. (1) The highest price a buyer will pay and the lowest price a seller will accept when both are acting free of compulsion, with full knowledge and within reasonable amount of time; (2) as defined by the courts, it is the highest price estimated in terms of money which a property will bring in if exposed for sale in the open market, allowing a reasonable time for a purchaser with knowledge of the property’s use and capabilities for use.
MATERIAL FACT. A fact which the agent realizes would be likely to affect the judgment of the principal in giving his consent to the agent to enter into the particular transaction on the specified terms.
MECHANICS LIEN. A lien created by law which exists in favor of persons who have performed services or famished materials in the construction, repair or remodeling of a building.
MESSUAGE. A dwelling house; The land with the building.
METES AND BOUNDS. Measurements and boundaries; A legal description of the boundary lines of land, setting forth their directions, distances, angles and terminal points.
MONUMENT. A fixed object and point established by surveyors to establish land locations.
MORATORIUM. The temporary suspension, usually by statute, of the enforcement of liability for debt.
MORTGAGE.An instrument recognized by law m which property is hypothecated as security for the payment of a debt or obligation, to be void upon such payment, (the procedure for foreclosure in the event of default is established by statute.)
MORTGAGEE IN POSSESSION. The creditor who takes over the income from the mortgaged property when the debtor (original owner) defaults on the mortgage
