Real Estate Terms Glossary: M
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Market Data Method
An appraisal method where similar, recently sold properties are compared with the subject property in order to estimate its value. If applied technically, value adjustments are made for differences between the various comparables and the subject property. See also Comparative market Analysis and Competitive market Analysis.
Market Price
The actual price at which a real estate property is sold.
Market Value
The highest price, estimated in terms of money, which real estate property will bring if exposed for sale in the open market.
Master Deed
The instrument that legally establishes a condominium; also called condominium declaration.
Meander Line
An artificial line used by the surveyors to measure the natural, uneven, winding property line formed by rivers, streams and other watercourses bordering a property.
Meeting Of The Minds
Agreement by buyer and seller on the provisions of a contract.
Meridian
North-south lines used in rectangular survey system. Under the U.S. Government Survey System, property is described in reference to this imaginary North-South line of longitude. The principal meridian assigned to a state intersects its base line which is based on a East-West line of latitude.
Metes And Bounds
A common method of land description that identifies a property by specifying the shape and boundary dimensions of the parcel, using terminal points and angles.
Michigan Condominium Act
Details rights of condominium purchasers in Michigan. Go here to view details about this Act.
Michigan Right to Farm Act
A law designed to protect farmers from lawsuits involving the operation of their farms. It protects the vital interest the state has in farming operations. Go here to view details about this Act.
Michigan State Housing Development Authority (MSHDA)
Makes loans at below-market interest rates to developers of rental housing, to low- and moderate-income purchasers of single-family homes, and to low-and moderate-income borrowers for home improvement.
Michigan's Sellers Disclosure Act
Mandates that the seller complete a disclosure form regarding the condition of the property.
Michigan's Wetland Protection Act
Defines and regulates use of Michigan's wetlands.
Mineral Rights
Rights to subsurface land and profits.
MLS
Multiple Listing Service. An organized method of sharing or pooling listings by member brokers.
Monuments
Visible markers, both natural and artificial objects, which are used to establish the lines and boundaries of a survey.
Mortgage
A legal agreement pledging a property to a lender as security for the payment of a debt.
MSHDA
Acronym fro Michigan State Housing Development Authority.
Multiple Offers
Offers submitted simultaneously from several buyers for the same property.
Mutual Assent
The voluntary agreement of all parties to a contract as evidenced by an offer and acceptance.
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