Real Estate City Glossary

Real Estate City Glossary M
(Model Unit- Mutual Drive)

A1 | A2 | A3 | A4 | B1 | B2 | B3 | C1 | C2 | C3 | D1 | D2 | E1 | E2 | F1 | F2 | F3 |
G1 | G2 | H1 | H2 | I1 | I2 | J | K | L1 | L2 | L3 | M1 | M2 | M3 | N | O1 | O2
| P1 | P2 | Q | R1 | R2 | S1 | S2 | T1 | T2 | U | V1 | V2 | W1 | W2 | X | Y | Z

Model Unit (Home)
A representative home, apartment, or office space used as part of a sales campaign to demonstrate the design, structure and appearance of units in a development.

Moratorium
A legal authorization realtion to mortgage to delay payment of money due.

Mortgage
Document which specifies a specific amount of money, which is to be used for purchase of a home, using the property as collateral, whereupon a lien is placed on the property as security for repayment of the debt.

Mortgage Acceleration Clause
Provision in a mortgage, which gives the lender the right to demand repayment of the entire loan, under certain circumstances, such as default, property sale, change of title, or refinance.

Mortgage Amortization
Repayment of a loan on a scheduled installment basis.

Mortgage Broker
A company that receives payment from a lender for matching the lender with borrowers who meet the lender's criteria.

Multiple Dwelling
More than one dwelling unit sharing a common wall and roof.

Multiple Listing
Arrangement where the real estate listings of many local agents are provided.

Multiple Listing Service (MLS)
Service combining the listings, in one database, of all the available homes, except those being sold by the owner, in a specific area.

Multiple Offers
More than one offer to purchase a property, which usually occurs in a seller's market.

Mutual Drive
A strip of land shared by adjourning neighbours used as a joint driveway by both parties, created by an easement on each property.