Glossary of Terms
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 |
| MARKET VALUE | |
| (Formal Definition)The highest price in terms of money, which the property will bring to a willing seller if exposed for sale on the open market allowing a reasonable time to find a willing purchaser, buying with the knowledge of all the uses to which itis adapted and for which it is legally capable of being used, and with neither party acting under necessity, compulsion or peculiar and special circumstances. | |
| MARKETABLE TITLE | |
| A title which a court of equity considers to be so free from defect that it will enforce its acceptance by a purchaser. | |
| MECHANIC'S LIEN (CONSTRUCTION) | |
| A claim filed in the land registry office by an individual, or company, for labour or material, or both, supplied for the improvement of the property. | |
| METES AND BOUNDS | |
| A system of land description whereby all boundary lines are set forth by use of terminal points and angles - mete referring to a limit or limiting mark, and bounds referring to boundary lines. | |
| METROPOLITAN AREA | |
| That area which includes not only the entire chief urban core of a city (the central city) but also the outlying suburbs which are appended thereto. | |
| MILL | |
| One-tenth of one cent, a measure used to indicate the property tax rate, e.g. a tax rate of one mill per dollar is the same as 0.10 per cent of the assessed value. | |
| MINOR | |
| A person who is under the age of legal competence, which is eighteen years in Ontario. | |
| MORE OR LESS | |
| Term often found in a property description intended to cover slight, unimportant or unsubstantial inaccuracies of which both parties are willing to assume the risk. | |
| MORTGAGE | |
| A conveyance of property to a creditor as security for payment of a debt with a right of redemption upon payment of the debt. | |
| MORTGAGE COMMITMENT | |
| A formal indication, by a lending institution that it will grant a mortgage loan on property, in a certain specified amount and on certain specified terms. | |
| MORTGAGEE | |
| The one to whom property is conveyed as security for the payment of a debt; the lender or creditor. | |
| MORTGAGOR | |
| The one who makes the mortgage; the borrower or debtor. | |
| MULTIPLE LISTING | |
| An arrangement among brokerages, usually real estate board members, whereby each brokerage presents its listings to the other members, who may negotiate the transaction. | |