made-land/reclaimed
A land artificially created by filling or dredging.
|
maintenance
Periodic expenditure needed to preserve a property’s original status rather than to improve that property. Activity required for compensating wear and tear.
|
maintenance fee
Monthly assessment by association of owners and used for maintenance and repair of common areas. Usually a monthly fee paid.
|
major casualty
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 reasonably determined by the architect.
|
make-good
The act of returning a vacated facility back to its original state prior to the fit-out.
|
mal (IDN)
Shopping center.
|
mall
A public area-connecting individual stores in a shopping center. Modern malls are often enclosed, enabling all weather access. Also refers to an entire regional shopping center.
|
management
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.
|
management agreement
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.
|
marginal land
Property that is barely profitable and which has poor income potential.
|
marina
A small dock, for small yachts and cabin cruisers having supplies, and maintenance facilities.
|
market capitalization
Number of shares issued by a listed entity multiplied by the unit price on the stock exchange.
|
market data approach
Method of valuing a property through examination and comparison of recent sales of comparable properties.
|
market value
Independently appraised value of real estate in a free competitive market. The highest price a buyer would pay and the lowest price a seller would accept, assuming that both were willing but not compelled to do so.
|
marketability
The prospect of selling goods at a specific time, value and conditions.
|
marketable title
Title that can be marketed or sold readily. Any court can enforce this title.
|
marriage value
Latent value which is or would be released by the merger of two or more interests in land. For example, two adjoining parcels may be worth more as one property than the aggregate of their separate values. Similarly, two interests in the same property may have a greater value when merged than the sum of their individual values.
|
master lease
A controlling lease in an apartment or office building that controls subleases.
|
maturity
The due date when a mortgage or a loan must be paid.
|
median strip
Strip of land that separates the lanes of opposing traffic.
|
merge
To join with another. Mostly used to describe situations where two or more companies join together to form a larger entity. Usually, the identity of the smaller or the weaker company is absorbed by the larger or dominant one.
|
meter
(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.
|
metropolitan shopping center
Largest type of establishment that has a concentration of one or more major department stores, a variety of retail stores, banks, restaurants and entertainment sections and has common parking and management. Also termed regional shopping center.
|
mezzanine
Balcony or low ceiling overhang just above the main floor and below the next storey. In a theater, a mezzanine is the first balcony above the stage.
|
mezzanine loan
A mezzanine loan is a relatively large, unsecured loan and normally not backed by a pledging of assets. The loan can carry a detachable warrant (the right to purchase a certain number of shares or stock or bonds at a given price for a period of time) or a similar mechanism to allow the lender to share in the future success of the business. Mezzanine loans are dependent on cash flow for repayment.
|
mineral rights
Ownership rights to the minerals or other precious resources, in one’s property. The privilege of gaining income from the sale of oil, gas, and other valuable resources found on land.
|
minimum lot
The smallest lot area required or allowed for building under the municipal zoning code.
|
minimum rent
A rent below which a variable rent will not fall, eg., (i) a stated rent payable for the whole or part of the duration of a lease containing a formula for a possibly higher rent on review; (ii) a dead rent under a mining lease; and (iii) a base rent under a turnover lease.
|
mining lease
A lease that, for a consideration, provides the lessee the right to mine minerals, such as gold, iron, coal, silver, etc., on the property of the lessor and sell the same.
|
misrepresentation
An untrue statement. Misrepresentation is a form of fraud that could lead to cancellation of a contract and could lead to liabilities such as criminal and/or civil proceedings against the party who made such misrepresentations. |
mixed use development
Project which incorporates two or more property uses, for example, an office building with a retail offering on the lower levels.
|
month to month tenancy
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.
|
monument
A fixed object and point established by surveyors to determine land locations.
|
mortgage banker
Company that uses its own money to provide loans and then usually sells them to investors such as insurance companies.
|
mortgage bond
Bonds collateralized by real estate. Two kinds of mortgage bonds are senior mortgages, (having a first claim on assets and earnings), and junior mortgages (having a subordinate lien). A mortgage bond may have a closed-end provision that prevents the firm from issuing additional bonds of the same priority against the same property or may be an open-end mortgage that allows the issuance of additional bonds having equal status with the original issue.
|
mortgage broker
An intermediary who sources mortgages for a fee.
|
mortgagee
Financial institution that lends money to a borrower, taking a lien on that particular property as security.
|
mortgagor
Person or entity that borrows money to purchase a property, granting a mortgage on the property to the lender as security for the loan.
|
motel
Originally a building on or near a major highway, providing food and accommodation to travelers with common parking for their vehicles. Now most motels offer most of the features of hotels, such as restaurants, recreation, etc.
|