Scottsdale Real Estate and Scottsdale homes for sale buyers agent Tim Rogers representing home buyers interested in homes for sale in Scottsdale and Valley communities.

Real Estate Glossary

This list is provided for reference only. Each state has it's own real estate laws, terms and regulations for Realtors. In Arizona, your Realtor and Title Company handle most real estate transaction activities that involve attorneys in many other states. However, you have the right to seek the advice of an attorney or other professional counsel in any real estate transaction.

Margin - An amount, usually a percentage, which is added to the index - to determine the interest rate for adjustable rate mortgages - .

Marginal Land - Property which is barely profitable to use.

Market Approach to Value - An estimate of value based on the actual sales prices of comparable properties. Also see Cost Approach to Value - and Income Approach to Value - .

Market Value - The price that a willing buyer and a willing seller, both given full information, and neither under pressure to act, would agree upon. Also known as Fair Market Value.

Marketable Title - Title which can be readily marketed to a reasonably prudent purchaser aware of the facts and their legal meaning concerning liens and encumbrances.

Mechanic's Lien - A lien created by statue for the purpose of securing priority of payment for the price of value of work performed and materials furnished in construction of repair of improvements to land, and which attached to the land as well as the improvements.

Mediator (real estate) See Intermediary -

Metes and Bounds - A system of land description using distance (metes) and angles/compass directions (bounds), beginning and ending at the same point. See Government Survey Method - and Recorded Plat Method - .

Minimum Payment - The minimum amount that you must pay, usually monthly, on a home equity loan or line of credit. In some plans, the minimum payment may be "interest only," (simple interest). In other plans, the minimum payment may include principal and interest (amortized).

Minority - As defined in the Civil Rights Act of 1968 as part of the Fair Housing Laws "'minority' means any group, or any member of a group, that can be identified either: (1) by race, color, religion, sex, disability, or national origin; or (2) by any other characteristic (such as familial status) on the basis of which discrimination is prohibited by a federal, state, or local fair housing law.

Misrepresentation - A false statement, or concealment, of material fact with the intention of inducing action of another.

Monument - A fixed object or point, either natural or man-made, used in making a survey.

Mortgage (Loan) - A loan secured by the collateral - of specified real estate property which obliges the borrower to make a predetermined series of payments. Under government-insured or loan-guarantee provisions, the payments may include escrow - amounts covering taxes, hazard insurance, water charges (in some states), and special assessments. Mortgages generally run from 10 to 30 years, during which the loan is to be paid off. See Deed of Trust - .

Mortgage (Contract) - A contract providing security for the repayment of a loan, registered against property, with stated rights and remedies in the event of default. Lenders consider both the property and financial worth of the borrower in deciding whether to make a mortgage loan.

Mortgage Banker - Originates mortgage loans, loaning you their funds and closing the loan in their name.

Mortgage Broker - One who, for a fee, brings together a borrower and lender, and handles the necessary applications for the borrower to obtain a loan against real property by giving a mortgage or Deed_of_Trust as security. Also known as a loan broker.

Mortgage Guaranty Insurance Corporation (MGIC) - A private corporation which, for a fee, insures mortgage loans similar to FHA and VA insurance, although not insuring as great a percentage of the loan.

Mortgage Loan - A loan which utilizes real estate as security or collateral to provide for repayment should you default on the terms of your loan. The mortgage or Deed of Trust - is your agreement to pledge your home or other real estate as security.

Mortgage Note - A written agreement to repay a loan. The agreement is secured by a mortgage, serves as proof of an indebtedness, and states the manner in which it shall be paid. The note states the actual amount of the debt that the mortgage secures and renders the mortgagor personally responsible for repayment.

Mortgage Warehousing - A system whereby a mortgage company will hold loans which would ordinarily be sold, in order to sell later at a lower discount. These are used as collateral security with a bank to borrow new money to loan.

Mortgagee - The lender of money or the receiver of the mortgage document.

Mortgagor - The borrower of money or the giver of the mortgage document.

Mortgage Insurance - Insurance required for loans with a loan to value ratio above 80.01%. See PMI - .

Multiple Listing Service (MLS) - A system by which a number of real estate firms share information about homes that are for sale.