Glossary   

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M
Maintenance
The care and work put into a building to keep it in operation and productive use; the general repair and upkeep of a building. Delayed maintenance contributes to a building’s loss in value.

Managing Agent
The party responsible for managing the property on behalf of the owner. This is sometimes the same as the leasing agent.

Market
A group of properties that would be alternatively competitive to a given typical buyer.

Market Conditions
Features of the marketplace, including (but not limited to) relative rental costs, interest rates, demographics, employment levels, vacancy rates and absorption levels.

Market Value
The price a buyer, willing but not compelled to buy, would pay. Also known as the lowest price a seller, willing but not compelled to sell, would accept.

Meeting of the Minds
Mutual assent or agreement among the parties to a contract regarding the substance of the contract. If the parties by their words and acts manifest an intention to be bound to a contract, they can be held accountable.

Mortgagee
In a mortgage deal, the party who receives and holds a mortgage as security for a debt; the lender; a lender or creditor who holds a mortgage as security for payment of an obligation.

Mortgagor
The one who provides a mortgage as security for a debt; the borrower; usually the landowner, though it could be the owner of a leasehold estate; the borrower or debtor who hypothecates or puts up his or her property as security for an obligation.