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Glossary of Real Estate Terms

The language of real estate is like that of other industries. Some words and phrases may seem foreign, others are ones that you hear every day. Following is a glossary that hopefully will allow you to better understand the real estate transactions with which you are involved.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
  1. Market Value
  2. Mechanic’s Lien
  3. Metes and Bounds
  4. Mortgage
  5. Mortgage Insurance
  6. Mortgagee
  7. Mortgagee Policy
  8. Mortgagor
  9. Mortgagor
  10. Multiple Listing
  11. Muniments of Title
  1. Market Value

    The average of the highest price that a buyer, willing but not compelled to buy, would pay and the lowest price a seller, willing but not compelled to sell, would accept.

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  2. Mechanic’s Lien

    A lien on real estate, created by operation of law, that secures the payment of debts due to persons who perform labor or services or furnish materials incident to the construction of buildings and improvements on the real estate.

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  3. Metes and Bounds

    A land description in which boundaries are described by courses, directions, distances and monuments.

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  4. Mortgage

    A conditional pledge of property to a creditor as security for the payment of a debt. 

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  5. Mortgage Insurance

    Insurance written by an independent mortgage insurance company protecting the mortgage lender against loss incurred by a mortgage default, thus enabling the lender to lend a higher percentage of the sale price.

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  6. Mortgagee

    The holder of a mortgage. The party to whom a mortgage is made, generally the lender.

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  7. Mortgagee Policy

    See Loan Policy.

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  8. Mortgagor

    A person who mortgages property. A person who executes a mortgage, generally the property owner.

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  9. Mortgagor

    A person who mortgages property. A person who executes a mortgage, generally the property owner.

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  10. Multiple Listing

    The pooling in a central bureau of listings of properties for sale. These listings are held individually by members of a group of real estate brokers, with the agreement that any member of the group may sell the properties and, in the case of a sale, the commission will be divided between the broker making the sale and the broker who filed the listing.

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  11. Muniments of Title

    Written evidence (documents) that an owner possesses to prove his or her title to property.

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