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M Terms

Market Rental Rates – The rental income that a property most likely would command in the open market, as dictated by the current rents demanded and paid for at comparable spaces.  Market rents can be lower or higher than the actual rents.

Market Study – A study of current real estate trends to build a forecast of future demands for a certain type of real estate project, including a square footage estimate that can be absorbed and rents that can be charged.

Market Value – The highest price a property would command in a competitive and open market under all conditions requisite to a fair arm’s length sale.

Marketable Title – A property’s title free from all encumbrances that can be readily marketed and transferred.

Master Lease – A primary lease, which controls any subsequent leases and may cover more property than the subsequent leases.

Mechanic’s Lien – A claim created by the statute for the purpose of securing priority of payment of the value or price of work performed and/or added to a property, and or materials furnished in erecting, fixing, rehabilitating or improving a building or other structure that is attached to the land.

Median Income – The middle income level where half of the income is higher than the median income and half of the income is lower than the median income.  Not average income.

Metes And Bounds – The boundary lines of land with terminal points and angles.  The way of describing real property by listing the compass directions and distances of the boundaries, usually along with the co-ordinates used in the Government Survey System.  “Bounds” means direction and “metes” means distance.

Mixed-Use – The using of a building or project for more than one use, such as a building with a first floor for commercial use and a second floor for residential use.

Multi-Family Unit – Real property containing two or more residential dwelling units, such as duplexes, tri-plexes, and apartment buildings.

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