Glossary - M

Majority
The age at which a person is entitled to handle his or her own affairs.

 

Marketable Title
Title free and clear of objectionable liens or encumbrances; a title which is free from reasonable doubt of defect, which can be readily sold or mortgaged to a reasonable prudent purchaser or mortgagee; a title free from material defects and reasonably free from possible litigation. A good title about which there is no reasonable doubt.

 

Mechanic’s Lien
A lien allowed by statute to contractors, laborers and material suppliers on buildings or other structures upon which work has been performed or materials supplied.

 

Meridians
Imaginary north-south lines which intersect base lines to form a starting point for the measurement of land.

 

Metes and Bounds
A description of land by courses and distances. Metes are measurements, and bounds are boundaries.

 

Minor
One who because of insufficient age or status is legally incapable of making contracts.

 

Modification Agreement
An instrument that changes or modifies a mortgge or deed of trust from the original document as to terms.

 

Monument of Survey
Visible marks or indications left on natural or other objects indicating the lines and boundaries of a survey. May be posts, pillars, stones, cairns, and other such objects. May also be fixed natural objects, blazed trees, roads and even a water course.

 

Mortgage
An instrument used to encumber land as security for a debt.

 

Mortgage Banker
A specialized lending institution that lends money solely with respect to real estate and secures its loans with mortgages on the real estate.

 

Mortgage Broker
A person or company that buys and sells mortgages for another on commission or who arranges for and negotiates mortgage contracts.

 

Mortgage Revenue Bonds
Issued by communities as a means of providing lower cost mortgage funds to certain qualified borrowers.

 

Mortgage-Backed Security
A security evidencing either the ownership of an interest in a mortgage loan or pools of mortgage loans, or a separate obligation secured by a mortgage loan or pool of mortgage loans.

 

Mortgagee
The mortgage lender.

 

Mortgagee’s Policy
See “Lender’s Policy.”

 

Mortgagor
The mortgage borrower.

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