|
M |
| manhole |
An opening which permits access to the space between the roof and the ceiling, or below the floor. |
| market value |
The price at which a seller is happy to sell and a buyer is willing to buy. The objective of an appraisal is to establish the market value of a property. |
| maturity |
The date a debt must be paid in full. |
| mortgage |
A legal document that gives a lender rights to a property as security for repayment of a debt. The lender as mortgagee has the right to take the real estate if the mortgagor fails to repay the loan. |
| mortgagee |
The lender of funds in a mortgage. |
| mortgagor |
The borrower of funds in a mortgage. |
| mortgage broker |
A person or company marketing loans from their portfolio of lenders. They match the borrower to the best loan or loans from this selection. |
Mortgage
Discharge Fee |
A fee charged by some lending institutions to cover their costs for finalising a loan. |
| mortgage insurance |
A policy that insures the lender against the borrower defaulting on a loan where the sale of the property is not sufficient to cover the outstanding loan balance. |
mortgage
protection insurance |
Insurance which covers the borrower's loan repayments in the event they are not able to meet them due to situations like redundancy and illness. This is not the same as mortgage insurance. |
Mortgage
Registration Fee |
A state government fee to register a loan. |
| Mortgage Stamp Duty |
A state government tax assessed on the dollar value of a mortgage. |
