Property Legal Terms (M)

Periodic expenditure needed to preserve a property's original status rather than to improve that property. Activity required for compensating wear and tear.

Monthly assessment by association of owners and used for maintenance and repair of common areas. Usually a monthly fee paid.

The destruction of or damage by reasons beyond the control of either party to all or any part of the demised premises or the building and such destruction or damage cannot be rebuilt or repaired as reasonable determined by the architect.

1. Person or persons responsible for managing a property or overseeing a job.
2. The act of managing, controlling or directing and carrying on a business.

A contract between the owner of a property and the party who agrees to manage it. Fees are based on a percentage of income but can be a flat incentive fee basis.

The difference between the interest rate and the index on an adjustable rate mortgage. The margin remains stable over the life of the loan. It is the index which moves up and down.

A small dock, for small yachts and cabin cruisers having suppliers, and maintenance facilities.

Independently appraised value of real estate in a free competitive marker. The highest price a buyer would pay and the lowest price as seller would accept, assuming that both were willing but not compelled to do so

A controlling lease in an apartment or office building that controls subleases

Document that describes, in narrative and with maps, an overall development concept including both present property uses as well as future land development plans. The plan may be prepared by a local government to guide private and public development or by a developer on a specific project.

The date on which the principal balance of a loan, bond, or other financial instrument becomes due and payable.

A credit report which reports the raw data pulled from two or more of the major credit repositories. Contrast with a Residential Mortgage Credit Report (RMCR) or a standard factual credit report.

1. A unit of length in the metric system that equals to 39.37 inches.
2. A measuring device used for measuring the usage of utilities, such as water, electricity, gas, etc.

Balcony or low ceiling overhang just above the main floor and below the next storey. In a theatre, a mezzanine is the first balcony above the stage.

An untrue statement, misinterpretation is a form of fraud that could lead to cancellation of contract and could lead to liabilities such as criminal and/or civil proceedings against the party who made such misrepresentation.

Occasionally, a lender will agree to modify the terms of your mortgage without requiring you t refinance. If any changes are made, it is called a modification.

A tenancy when rent is being paid monthly and where the lease can be renewed for each succeeding month or terminated at the option of either party with sufficient notice

A legal document that pledges a property to the lender as security for payment of a debt. A document (or a process) in which the owner, called a "Mortgager" pledges his/her title of real property and/or personal property to a lender, called a "Mortgagee", as security for a loan described in a promissory note. (Under Section 702 of Civil and Commercial Code of Thailand).

A mortgage banker is generally assumed to originate and fund their own loans, which are then sold on the secondary market. However, firms rather loosely apply this term to themselves, whether they are true mortgage bankers or simply mortgage brokers or correspondents.

A mortgage company that originates loans, then places those loans with a variety of other lending institutions with whom they usually have pre-established relationships.

The lender in a mortgage agreement.

Insurance that covers the lender against some of the losses incurred as a result of a default on a home loan. Often mistakenly referred to as PMI, which is actually the name of one of the larger mortgage insurers. Mortgage insurance is usually required in one form or another on all loans that have a loan-to-value higher than eighty percent. Mortgages above 80% LTV that call themselves "No MI" are usually a made at a higher interest rate. Instead of the borrower paying the mortgage insurance premiums directly, they pay a higher interest rate to the lender, which then pays the mortgage insurance themselves. Also, FHA loans and certain first-time homebuyer programs require mortgage insurance regardless of the loan-to-value.

The amount paid by a mortgagor for mortgage insurance, either to a government agency or to a private mortgage insurance (MI) company.

A type of term life insurance often bought by borrowers. The amount of coverage decreases as the principal balance declines. Some policies also cover the borrower in the event of disability. In the event that the borrower dies while the policy is in force, the debt is automatically satisfied by insurance proceeds. In the case of disability insurance, the insurance will make the mortgage payment for a specified amount of time during the disability. Be careful to read the terms of coverage, however, because often the coverage does not start immediately upon the disability, but after a specified period, sometime forty-five days.

The borrower in a mortgage agreement.

See personal property

Properties that provide separate housing units for more than one family, although they secure only a single mortgage.

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