M.A.I.

Designates a person who is a member of the American Institute of Real Estate Appraisers

Marketable Title

Merchantable title; one free and clear of objectionable liens or encumbrances.

Market Price

The price the property brings in a given market.

Market Value

The price a willing buyer would pay and a willing seller would accept, both being fully informed and the property being exposed for sale for a reasonable time period.

Mechanic's Lien

A lien created by statute for the purpose of securing priority of payment for the price or value of work performed and materials furnished in construction or repair of improvements to land, and which attaches to the land as well as the improvements.

Moratorium

Temporary suspension, usually by statute, of the enforcement of liability for an obligation.

Mortgage

An instrument by which property is hypothecated to secure the payment of a debt.

Mortgage Broker

One who, for a fee, brings together a borrower and lender, and handles the necessary applications for the borrower to obtain a loan against real property by giving a mortgage or deed of trust as security.

Mortgagor

One who borrows money on his property and gives a mortgage as security.