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TermDefinition
- Main drainThe part of the drainage system between the home’s sewer drain and fixture drains.
- Main Water ShutoffA valve that turns off the main water supply coming into the house, which is typically located in basements, on the exterior of the house, or underground. This is performed so plumbing work can be done.
- MaintenanceAn umbrella term for regular activities that keep the property in good condition.
- Make GoodThe obligation of a lessee at the end of their occupation to ensure that premises are returned to the same condition as at the commencement of the lease; for example, painting and restoring partitions.
- Management FeeThe Management Fee is an operating expense paid to the operator to cover costs of managing the property operations, like annual accounting, audit, and tax filings.
- Mansard RoofA roof with floor sloping sides, each of which has a steeper slope on the bottom half than on the top half.
- MantelA decorative shelf above a fireplace.
- Manufactured HousingA factory assembled residence built in units or sections that are transported to a site. Homes that are permanently affixed to a foundation often may be classified as real property under applicable state law, and may be financed with a mortgage. Homes that are not permanently affixed to a foundation generally are classified as personal property, and are financed with a retail installment sales agreement.
- Manufactured WoodA wood product such as a truss, beam, gluelam, microlam or joist which is manufactured out of smaller wood pieces and glued or mechanically fastened to form a larger piece. Often used to create a stronger member which may use less wood.
- Oriented-Strand-BoardA wood product such as a truss, beam, gluelam, microlam or joist which is manufactured out of smaller wood pieces and glued or mechanically fastened to form a larger piece. Often used to create a stronger member which may use less wood.
- Manufacturer's SpecificationsThe written installation and/or maintenance instructions which are developed by the manufacturer of a product and which may have to be followed in order to maintain the product warrantee.
- MarbleA material composed of limestone that is typically used for countertops and tile.
- MarginA percentage added to the index for an adjustable-rate mortgage (ARM) to establish the interest rate on each adjustment date.
- Market RateThe price for a real estate transaction that depends on the seller’s expected price and the buyer’s inclination to pay.
- Market ValueAn average between 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.
- Marketable TitleA title that a court of equity considers to be so free of material defects and liens that it will force the title’s acceptance by questioning purchaser.
- Merchantable TitleA title that a court of equity considers to be so free of material defects and liens that it will force the title’s acceptance by questioning purchaser.
- MarmoleumA modern brand-named type of linoleum flooring from Forbo-Nairn that is LEED certified due to its being hypoallergenic and composed of all-natural products.
- MasonryBrick, stone, and other building materials that are bound together by mortar.
- Master SuiteThe largest bedroom in a home that typically contains a sitting area and an en-suite bathroom.
- MasticA pasty material used as a cement (as for setting tile) or a protective coating (as for thermal insulation or waterproofing)
- Materials listA list of materials required to complete a new construction or renovation project.
- MaturityThe termination period of a note (e.g., a 30-year mortgage has maturity of 30 years).
- Measurable floor areaThe floor area under ceilings 5 ft. and higher, or furred ceilings 7 1/2 ft. and higher.
- MechanicalsThe systems inside the walls and ceilings such as electrical, plumbing, and HVAC that essentially power the home.
- Medium-Density FiberboardAn engineered wood product that is composed of broken down hard and softwood and combined with wax and a resin binder. It is typically used for baseboard and other interior trim.
- MDFAn engineered wood product that is composed of broken down hard and softwood and combined with wax and a resin binder. It is typically used for baseboard and other interior trim.
- Medium Household IncomeFor any geographic area, the household income for which half of households in that area have more income and half have less.
- MembraneA thin layer of material typically made of synthetic rubber that forms a barrier to prevent water penetration.
- Merged Credit ReportA credit report issued by a credit reporting company that combines information from two or three major credit bureaus.
- Metal LathSheets of metal that are slit to form openings within the lath. Used as a plaster base for walls and ceilings and as reinforcing over other forms of plaster base.
- Metes And BoundsDescribing boundaries by using courses, directions, distances and monuments.
- Mezzanine DebtA loan often used by developers to secure supplementary financing for development projects. These loans are often secured by a lien subordinate to the first or senior mortgage lenders.
- MicrolamA manufactured structural wood beam. It is constructed of pressure and adhesive bonded wood strands of wood. They have a higher strength rating than solid sawn lumber. Normally comes in l ½" thickness' and 9 ½", 11 ½" and 14" widths
- Mid-Century ModernA design from the 1930s to the 1960s that was characterized by clean, organic forms, and lack of embellishment.
- Milar (Mylar)Plastic, transparent copies of a blueprint.
- MillworkAny wood-mill produced materials that typically include molding, doors, and trim.
- Mini SplitHeating and cooling system that allows for controlled heat and cooling in each room.
- MinipermShort-term permanent financing, usually 3 to 5 years.
- MiterA joint formed by beveling the edges or ends of two pieces of material, fitted together at an angle.