Real Estate Markets are very different and many things are handled differently from one state to another. We have assembled a glossary of the most common terms used in the Florida Real Estate Market to assist our American clients and the many international clients from Canada, United Kingdom and other countries across the world.

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Maintenance clause

A provision in a mortgage agreement that requires mortgagors (borrowers) to maintain mortgaged property in good condition

 

Marketable title (merchantable title)

Rights to real property that are so clear that a buyer may have peaceful and quiet enjoyment of the property free of litigation

 

Market value

The most probable price a property will bring from a fully informed buyer, willing but not compelled to buy. and the lowest price a fully informed seller will accept if not compelled to sell

 

Mediation

The act of having a third party attempt to reconcile a dispute between two parties.

 

Middleman

An intermediary who merely brings two parties together.

 

Mill

A unit of money used to specify a property tax rate ($1 for each $1.000 of taxable value)

 

Milage

A tax rate, expressed as the number of mills to be applied

 

Misdemeanor

Any crime punishable by fine or imprisonment other than in a penitentiary.

 

Misrepresentation

A false or misleading statement of a material fact; concealment of a material fact

 

Mortgage

A written agreement that pledges property as security for payment of a debt

 

Mortgage broker

One who finds a lender for a potential borrower, and vice versa

 

Mortgage company

A mortgage loan company that originates, services, and sells loans to investors

 

Mortgagee

A lender who holds a mortgage on specific property as security for the money loaned to the borrower.

 

Mortgagor

A borrower who gives a mortgage on his or her property in order to obtain a loan from a lender.

 

Multiple-listing service (MLS)

An arrangement among members of a real estate board or exchange that allows each member broker to share listings with other members so that greater exposure is obtained and a greater chance of sale will result

 

We hope you found the above links useful, and remember, if you have any questions regarding buying or selling your Florida Holiday Home or permanent residence in the Disney Orlando area please contact us - we look forward to your call.