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M

Maintenance Fees	Payments made by the unit owner of a condominium to the homeowners' association for expenses incurred in the upkeep of the common areas.
Margin Percentage	(typically about 2.5 percent) added to the index to calculate the mortgage rate.
Market Value	The most likely price a given property will bring if widely exposed on the market, assuming fully informed buyer and seller.
Marketable Title	Title free of liens, clouds and defects; a title that will be freely accepted by a buyer.
Maturity Date	The last day of the term of the mortgage agreement. The mortgage must be paid in full or the agreement renewed by the maturity date.
Mechanic's Lien	Claim placed against a property by unpaid workers or suppliers.
Mortgage	A conveyance of property to a creditor, as security for payment of a debt. Such security is redeemable or recoverable on the payment or discharge of the debt at a specified date. More recently referred to as a Charge in the new Polaris registry system. An encumbrance registered on the title of the lands.
Mortgage Insurance Premium	A premium which is charged as a percentage of the mortgage. The mortgage insurance insures the lender against loss in case of default by the borrower.
Mortgage Life Insurance	A form of reducing term insurance recommended for the borrower. In the event of the death of the borrower or one of the co-borrowers, the insurance pays the balance owing on the mortgage. The intent is to protect survivors from losing their home.
Mortgagee	The one to whom property is conveyed. (The lender). The holder of the mortgage.
Mortgagor	The one who makes the payments. The owner of the property. (The borrower).
Multiple-Listing Service (MLS)	Arrangement by which brokers work together on the sale of each other's listed homes, with shared commissions