GLOSSARY of American & Mexican Real Estate Terms
M
Management Agreement
An employment contract between the owner of real estate and a property management firm that agrees to oversee the management of the property.
Market
The economic function of bringing buyers and sellers together through the price mechanism.
Market Data Approach
A means of estimating value by comparing similar properties. Used when there is an active market and where comparables can be identified. Also called comparable sales approach.
Market Value - Valor de Mercado
The price at which a willing buyer and a willing seller will agree upon, where neither is under any undue pressure, and both are negotiating at arms length with complete knowledge of the market.
Marketable Title
One which is free from reasonable doubts or objections, and which the courts would compel a purchaser to accept under the terms of a sales contract.
Master Plan
A program for the future development of a community which serves as the guideline for capital expenditures.
Metes and Bounds
A method of land description which involves identifying distances and directions and makes use of both the physical boundaries and measurements of the land.
MEXICAN ASSOCIATION OF REAL ESTATE PROFESSIONALS - ASOCIACION MEXICANA DE PROFESIONALES INMOBILIARIOS (AMPI)
The largest Real Estate Association in Mexico, founded in 1957 in Mexico City, with 20 members. Today has over 1,000 members and represents about 10,000 practitioners through the country. AMPI include: Appraisers, Developers, councilors and Brokers, which are subject to our By laws and adopted our code of ethics.
Minor
An infant; one who has not attained majority in a state and does not have legal capacity to be bound by most contracts (Voidable contracts).
Ministry of Foreign Affairs Permit - Permiso de la Secretaria de Relacions Exteriones, pare Establecere el Fideicomiso
The document notifying the Mexican government of a foreigners purchase of property in a restricted zone.
Misrepresentation
An innocent or negligent mis-statement of a material fact, detrimentally relied upon by the other party.
Month-to-Month Tenancy
A lease which has a term of one month but renewable for successive months at the option of both parties.
Monument
Physical evidence of a point- of- beginning established by surveyors for use in locating parcels of land.
Mortgage - Hipoteca
A legal document used to secure the performance of an obligation, in which the borrower or mortgagor agrees to pledge property to secure the debt represented by the promissory note (A contract).
Mortgage Banker
A financial middleman who, in addition to bringing the borrower and the lender together, makes loans, packages them, and sells the packages to both primary and secondary investors. Also services loans.
Mortgage Broker
A person who brings together the user of capital (borrower) and the supplier of capital (lender). For this service, a finder's fee is usually paid by the borrower.
Mortgagee
A lender who receives a pledge of property to secure a debt.
Mortgagor
A borrower who pledges property through a mortgage to secure a debt.
Multiple Listing Service (MLS) - LISTA DE SERVICIOS MULTIPLES
Marketing service in which many brokers pool all of their listings and establish procedures for sharing commissions.
Mutual Assent
An offer and acceptance which together form the terms of a contract.
|
