REAL ESTATE DICTIONARY


A I B I C I D I E I F I G I H I I I J I K I L I
M		 I N I O I P I Q I R I S I T I U I V I W I X I Y I Z
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main girder
The main support running between foundation walls to carry the weight of a floor.
main water shut-off valve
The primary valve that halts the flow of water from the water meter into the home.
maintenance fee
The monthly assessment paid by homeowners' association members for the repair and maintenance of common areas.
managed-competition lots
Lots in which buyers choose between one of several builders.
mansard roof
A roof with four sides that slope upward from the roof edge to a square peak.
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mantel
The facing of stone, marble, or other material around a fireplace.
manufactured housing
Prefabricated homes that can range from simple trailers to large dwellings.
margin
A percentage added to the index and fixed for the life of the loan. When the initial interest rate on an adjustable-rate loan has expired, the interest rate moves toward the sum of its index plus a margin.
market conditions
Factors affecting the sale and purchase of homes at a particular point in time.
market value
The price that a piece of property sells for at a particular point in time.
marketable title
A good or clear title that is free of defects.
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masonry
The brick or stone work on a building.
master-planned community
A suburban plan that includes homes and commercial, work, educational, and community facilities.
mastic
Construction adhesive, usually applied with a caulking gun.
material defect
Any defect in a specific property that could either affect a buyer's decision to purchase it or affect the property's value, such as a cracked foundation.
material fact
Any information about a specific property that could affect a buyer's decision to purchase it, such as an upcoming zoning change in the neighborhood.
maximum financing
A loan amount within 5 percent of the highest loan-to-value ratio allowed for a property.
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mechanic's lien
Subcontractors or suppliers sometimes will file an encumbrance, or mechanic's lien, against a property to seek payment.
mechanical systems
A home's plumbing, wiring, heating, and cooling systems.
median price
The price of the house that falls in the middle of the total number of homes for sale in an area.
mediation
A dispute-resolution process in which a neutral party works to resolve contract differences.
merged credit report
A report that draws information from the Big Three credit-reporting companies: Equifax, Experian, and Trans Union Corp.
meter
A device that measures electrical current or water flow to a property.
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meter pan
A piece of equipment through which the service conductor runs.
metes and bounds
A time-honored land surveying method of describing land in terms of shape and boundary dimensions.
mint condition
Mint condition, or blue-ribbon condition, refers to a house that looks as close to new as possible.
miter
The manner in which two boards that meet at right angles are cut so that ends do not show. Miters are usually 45-degree cuts.
mixed-income housing
A neighborhood that contains houses of widely varying prices.
mixed-use development
A project that combines several different functions, such as residential space above a commercial establishment or an entire development combining commercial, residential, and public accommodations.
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MLS (multiple listing service)
The service combines the listings for all available homes in an area, except For Sale By Owner (FSBO) properties, in one directory or database.
modification
A change in the terms of a loan agreement.
modified annual percentage rate (APR)
The modified APR is an index of loan cost based on the standard APR and adjusted for the time the borrower expects to hold the loan.
molding
Decorative trim applied to walls, ceilings, and window and door openings.
money market account
Accounts that work like money market funds and allow individual investors to participate in managed investments and withdraw funds under most conditions.
money market funds
A mutual fund that pools the resources of individuals to invest in certain managed investments.
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monolithic slab
A slab that is part of the footings.
monthly association dues
A payment due monthly to a homeowners' association, to be used for maintenance and communal expenses. Condominiums, townhouse complexes, and planned unit developments (PUDs) may require monthly homeowners' association dues.
mortar
Cement-based material that provides the base for brick, stone, and other masonry materials.
mortgage
In casual use, a sum of money borrowed to purchase a home at a certain interest rate using the property as collateral. In formal use, a mortgage is the legal document that pledges property as collateral for a loan.
mortgage acceleration clause
A clause that allows a lender to demand repayment of the entire loan balance in a lump sum under certain circumstances, such as when the home is sold, title is changed, the loan is refinanced, or the borrower defaults on a scheduled payment.
mortgage banker
A company that provides home loans using its own money. The loans are usually sold to investors such as insurance companies and Fannie Mae.
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mortgage broker
A company that matches lenders with prospective borrowers who meet the lender's criteria. The mortgage broker does not make the loan, but receives payment from the lender for services.
mortgage insurance
Required by lenders on some loans to protect lenders from a possible default. Most conventional loans with down payments or home equity percentages that are less than 20 percent of the home value require private mortgage insurance (PMI).
mortgage life insurance
A special type of insurance that will pay off a mortgage if the borrower dies before the debt is retired.
mortgage-interest deduction
The tax write-off that the Internal Revenue Service allows most owners to claim for annual interest payments made on real estate loans.
mortgagee
A bank or other financial institution that lends money to the borrower. The borrower is considered the mortgagor.
mortgagor
The person who borrows money to purchase a house. The lender is called the mortgagee.
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mortise lockset
A doorknob and latch set designed to fit into a rectangular pocket cut into the edge of a door.
motivated buyer
A buyer with a strong incentive to make a purchase.
motivated seller
A seller with a strong incentive to make a deal.
move-in condition
A house that is ready for a new occupant.
move-up buyer
A buyer who has purchased a home before and is looking for a bigger or more expensive home.
mullion
A vertical dividing bar between windowpanes or panels.
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multidwelling property
A property that contains individual units for several households but carries only one mortgage.
multifamily mortgage
A mortgage on a multifamily dwelling (typically an apartment building) with more than four families.
multiple listing service (MLS)
A service that combines listings of all available homes in an area into one directory or database, with the exception of For Sale By Owner (FSBO) properties.
multiple offers
More than one purchase offer made on a property. Multiple offers commonly occur in seller's markets or hot neighborhoods.
municipal housing inspector
Inspectors employed by cities or counties to check all construction sites and verify that contractors are meeting building codes.
muntin
A wooden division that separates panes of glass in a multi-paned window or door.
Easy as 123
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exterior

Short Desc : painting of exterior

Bid Range : $2500

Windows and Doors
in Ashland

Short Desc : Homeowner needs to have a window repaired. Ready to secure a contractor.

Bid Range : $500

Windows and Doors
in Hampton

Short Desc : Homeowner needs to replace 1 window in their home. Ready to secure a contractor.

Bid Range : $500

Painting and Wallcovering
in Fort Pierce

Short Desc : Homeowner needs to have wallpaper installed/removed. Ready to secure a contractor.

Bid Range : $5000

Roofing
in Palm Beach Gardens

Short Desc : Homeowner needs to have the shingle roof replaced on their 1461 sq ft. home. Ready to secure a contractor.

Bid Range : $5000

Windows and Doors
in Port Saint Lucie

Short Desc : Homeowner needs to replace 8 windows in their home. Ready to secure contractor. Spoke with Thomas. Project details were confirmed. He is looking to begin his project as soon as possible.

Bid Range : $1000

Roofing
in Stafford

Short Desc : Roof over deck low pitch small leak in corner 12 x 12 need redone probably with rolled roofing

Bid Range : $2500

Remodeling and Room Additions
in Port Saint Lucie

Short Desc : Homeowner needs to have their 280 sq ft carport enclosed to form a bedroom and a bathroom. Will require plumbing work for the bathroom. Ready to secure a contractor.

Bid Range : $10000

Remodeling and Room Additions
in Richmond

Short Desc : Homeowner needs to add 140 sq ft onto their 1460 sq ft home. Project will be extending their 140 sq ft master bedroom into 280 sq ft. They will need help with the plans and permits.

Bid Range : $50000

Remodeling and Room Additions
in Leonardtown

Short Desc : Adding a second floor to include a master bedroom, master bath, and a guest room. Would like to add a backyard deck & wrap around porch. As well as remodel current bathrooms.

Bid Range : $200000

Remodeling and Room Additions
in Richmond

Short Desc : Homeowner needs to have an addition built on their 2,306 sq ft home. Will need help with plans and permits. Ready to secure a contractor.

Bid Range : $5000

Decks
in Sandston

Short Desc : A deck about 3/4 the length of the back of the house. A bench built into the deck as an option. A lattice looking ceiling/roof to minimize sunlight as an option.

Bid Range : $10000

Bathroom Remodeling
in Colonial Heights

Short Desc : Homeowner needs to have flooring laid in her 40 sq ft bathroom. Will need installation of bathtub, shower and sink.

Bid Range : $10000

Painting and Wallcovering
in Virginia Beach

Short Desc : We need a painter for a medical office.

Bid Range : $2500

Remodeling and Room Additions
in Colonial Beach

Short Desc : Customer needs to remodel their entire 820 sq ft home due to water damage. Project to include replacing an exterior wall, drywall, painting, flooring, and fixtures. May need minor electric. Spoke with Sean and project confirmed. Needs to remodel 820sq ft home due to water and fire damage. Need to prepare house to sell. Will include replacing an exterior wall, drywall, painting, flooring and fixtures. Would like to start ASAP and can be reached at anytime.

Bid Range : $25000

Windows and Doors
in Louisa

Short Desc : I am interested in possibly tinting the windows in the front room(s) of my Lake House, may add all windows depending on price.

Bid Range : $5000

Remodeling and Room Additions
in Leonardtown

Short Desc : Adding a second floor to include a master bedroom, master bath, and a guest room. Would like to add a backyard deck & wrap around porch. As well as remodel current bathrooms.

Bid Range : $200000

Windows and Doors
in Stafford VA 22556

Short Desc : I want to install two basic, glass, sliding doors for a patio deck and basement patio in my house. I will purchase doors and have them at the site. I need professional measurement to help chose the correct size door and to install them for me. Spoken to homeowner. Looking to start as soon as in contact with a contractor. Can be contacted any time on cellphone.

Bid Range : $2500

Windows and Doors
in Port Saint Lucie

Short Desc : Homeowner needs to install windows on two of their homes. One home is 1300 sq. ft and needs eight windows installed. The other is 1000 sq. ft. and needs 7 windows installed.

Bid Range : $500

Roofing
in Newport News

Short Desc : Homeowner needs to have the tar roof on their 1,500 sq ft home replaced. Ready to secure a contractor. I spoke to Tee, who is looking to start ASAP, and can be contacted in the mornings, 1500 tar roof replaced. There was patch work done 10 years ago fixing up some rotting place`s. That wasn`t done right. Would like the whole roof done.

Bid Range : $10000

Bathroom Remodeling
in Fredericksburg

Short Desc : To

Bid Range : $10000

Remodeling and Room Additions
in Petersburg

Short Desc : Remodeling kitchen. Need cabinets, counters, ceramic tile, paint, and install a new dishwasher. Currently no dishwasher.

Bid Range : $10000

Paving and Patios
in Glen Allen

Short Desc : We would like a 100 to 120 sq ft walkway/patio built between our deck and driveway made of mortorless paving stone if not too expensive Arleen would like to get her project started asap.

Bid Range : $2500

Remodeling and Room Additions
in Newport News

Short Desc : Homeowner needs to add onto their 2500 sq ft home. The addition will be a second story. They will need help with plans and permits.

Bid Range : $25000

Remodeling and Room Additions
in Mineral

Short Desc : Need to be put in touch with a contractor in the mineral area. Please call at the number provided and we can discuss the details. Thanks in advance.

Bid Range : $2500

Drywall and Plastering
in Midlothian

Short Desc : Patch job where the house is settling in family room. It has crack on side of wall and celling.some does drywall.

Bid Range : $500

Drywall and Plastering
in King George

Short Desc : 1500 sq ft garage w/ loft

Bid Range : $2500

Baby Room

Short Desc : 3 walls ne color and 1 accent wall in wide stripes.

Bid Range : $600

Painting and Wallcovering
in Aylett

Short Desc : Paint our living room, including the cathedral ceiling, as well as one wall in our kitchen.

Bid Range : $2500

Bathroom Remodeling
in Chester

Short Desc : 1970`s bathroom - needs updating - replacing ceramic tile, ceramic floor, replace counter top/sink and toilet - would like some designer help. Would like to see if possible closet beside bath can be incorporated into new bathroom (costs involved)

Bid Range : $5000
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