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Land Terms

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Mineral rights

Rights to subsurface land and profits. Normally, when real property is conveyed, the grantee receives all right and title to the land including everything above and below the surface, unless excepted by the grantor.

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Misrepresentation

A false statement or concealment of a material fact made with the intent to induce some action by another party

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Monetary

Of or having to do with money or currency; financial.

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Money

Coins or paper bills issued by a government to be used as a measure of value and a medium of exchange.

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Monongahela River

River in southwest Pennsylvania and northern West Virgina in the United States; flows north for approximately 128 miles before joining the Allegheny River near Pittsburgh to form the Ohio River.

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Month-to-month tenancy

A periodic tenancy where the tenant rents for one month at a time. In the absence of rental agreement (oral or written), a tenancy is deemed to be month-to-month, or in the case of boarders, week-to-week.

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Monuments

Visible markers, both natural and artificial objects, which are used to establish the lines and boundaries of a survey

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Mortgage

A legal document used to secure the performance of an obligation. In effect, the mortgage states that the lender can look to the property in the event the borrower defaults in payment of the note.

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Mortgage banker

A corporation or firm which normally provides its own funds for mortgage financing

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Mortgage broker

A person or firm which acts as an intermediary between borrower and lender; one who, for compensation or gain, negotiates, sells or arranges loans and sometimes continues to service the loans

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Mortgagee

The one 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

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Mortgagor

The one who gives a mortgage as security for a debt; the borrower; usually the landowner; the borrower or debtor who hypothecates or puts up his property as security for an obligation

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Mountain

Natural raised part of the earth, larger than a hill

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Multiple Listing Service (MLS)

A compilation or database of real estate listings administered by the National Association of Realtors (NAR); an association of real estate brokers, agents, and salespeople who share real estate listings in order to generate additional advertising of and exposure for their exclusive listings. There are separate multiple listing services for different geographic areas; the area included in an MLS can vary from a city to a several-state region.

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Muniment

Legal term for a document or other evidence that proves ownership of an asset. In real estate, examples of muniments of title include deeds, wills, and court judgments. In order to be considered a muniment, the document must show title and also be a critical link in the chain of title.

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