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Majority - The age at which a person is entitled to handle his or her own affairs.
Marketable Title - A good title about which there is no fair or reasonable doubt.
Mechanic's Lien - A lien allowed by statute to contractors, laborers and material suppliers on buildings or other structures upon which work has been performed or materials supplied.
Metes and Bounds - A description of land by courses and distances.
Minor - One who because of insufficient age or status is legally incapable of making contracts.
Monument of Survey - Visible marks or indications left on natural or other objects indicating the lines and boundaries of a survey. May be posts, pillars, stones, cairns, and other such objects. May also be fixed natural objects, blazed trees, roads and even a water course.
Mortgage -An instrument used to encumber land as security for a debt.
Mortgage-Backed Security - A security evidencing either the ownership of an interest in a mortgage loan or pools of mortgage loans, or a separate obligation secured by a mortgage loan or pool of mortgage loans.
Mortgage Banker - A specialized lending institution that lends money solely with respect to real estate and secures its loans with mortgages on the real estate.
Mortgage Broker - A person or company that buys and sells mortgages for another on commission or who arranges for and negotiates mortgage contracts.
Mortgage Revenue Bonds - Issued by communities as a means of providing lower cost mortgage funds to certain qualified borrowers.
Mortgagee - The mortgage lender.
Mortgagee's Policy - See "Lender's Policy."
Mortgagor - The mortgage borrower.
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Negative Amortization - An actual increase in the principal amount of real estate loan because of the addition of matured but unpaid interest to the loan balance. Usually the result of monthly payments which a re temporarily set at a lower than needed level.
Notary - One authorized to take acknowledgments. See "Acknowledgment."
Note - The instrument evidencing the indebtedness secured by a security instrument such as a mortgage or deed of trust.
O
Ownership - The right to possess and use property to the exclusion of others.
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