Glossary

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manufactured home

A structure built in a factory, that is later shipped to, and placed on, the home site. The term can apply to both mobile homes and pre-fabricated homes.

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.

mechanic's lien

The right of a craftsman, laborer, or material supplier, who has worked upon improvements or delivered materials to a particular tract of real estate to place a lien on that real property for the value of the services and/or materials if not paid.

mediation

An alternative dispute resolution method to help parties resolve their dispute without going to court. A neutral third party meets with the opposing sides to help them find a mutually satisfactory solution. An informal process whose outcome is not binding on the parties, unless the parties agree to be bound by their joint decisions.

metes and bounds

A description of a parcel of real property, using carefully measured distances, angles and directions, which results in what is called a "legal description" of the property.

mineral rights

An ownership interest in the minerals contained under a particular parcel of land, with or without ownership of the surface of the land. The owner of mineral rights is usually entitled to either take the minerals from the land himself or receive a royalty from the party that actually extracts the minerals.

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

a loan instrument in which the owner/borrower grants a lien on real property to a lender, as security for a loan.

mortgagee

The lender in a mortgage loan transaction.

mortgagor

The borrower in a mortgage loan transaction.

These terms and their presence on this site are not intended as, nor should they be used as, legal advice. You should always obtain advice from a licensed attorney for all legal matters.