Real Estate Terms M

Real Estate Terms Glossary

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Mechanics 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.

MLS: Abreviated term for Realtor's Multiple Listing Service

Mortgage: (1) To hypothecate as security, real property for the payment of a debt. The borrower (mortgagor) retains possession and use of the property. (2) The instrument by which real estate is hypothecated as security for the repayment of a loan.

Mortgagee: The party lending the money and receiving the mortgage.

Mortgagor: The party who borrows the money and gives the mortgage.

Multiple Listing Service: A service offered by Realtors where all real estate offices post all of their listing on the same advertising medium... either on-line or in a book. These listings make up a huge data base of ALL properties for sale by ALL brokerages. The actual MLS data base has historically only been available to Realtors. However, just recently, the MLS data base has been made available to the public through many on-line web sites hosted by real estate brokerages.

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