Real Estate Glossary Letter :  M

Real Estate Glossary Letter :  M

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MABO – Surname of Eddie Koiki Mabo (c. 29 June 1936-21 January 1992), a Torres Strait Islander who was pivotal in establishing native title through the High Court of Australia legal system. The term “Mabo” has become synonymous with the entire issue of native land title throughout the 1980s and 1990s including various pieces of legislation and instances of litigation. More specifically however it is the decision from Mabo v Queensland (No 2) (“Mabo case”) [1992] HCA 23; (1992) 175 CLR 1 (3 June 1992) that has now come to be known as “Mabo” in Australia and which has been recognised for its landmark status.

MACHINE SHED – A farm building used for the storage of farm machinery. It generally has an open wall on one side.

MAINTENANCE – The act of keeping, or the expenditure required to keep, an asset in condition to perform efficiently the service for which it is used.

MAISONETTE – There does not seem to be an absolute definition, but a usual one is two semi-detached dwellings, normally of single story construction.

MANAGEMENT AGREEMENT – A written contract recording the agreement between the owner and manager of real estate concerning the duties, responsibilities and liabilities of the owner and the manager in the management of that real estate.

MANAGEMENT FEE (PROPERTY) – The fee charged by the property manager to the landlord for the service of managing a property or properties. This service typically includes collecting rents, paying recurrent property expenses, selecting and supervising property service contractors such as cleaners, plant service providers and security. It may also include negotiating new leases, marketing of the property, rent reviews and overseeing building refurbishment. In respect of property trusts, it refers to the fee levied on unit holders by the responsible entity to cover the cost of trust administration.

MANAGING AGENT – A real estate agent authorised to manage the business affairs in connection with the property of another. See also Property Management.

MANHOLE – An access opening in a ceiling, etc, to allow inspection of the roof structure, floor structure, plumbing or electrical wiring.

MANTLE – The shelf above a fireplace.

MANUFACTURERS SPECIFICATIONS – Instructions for maintenance/installation developed by the manufacturer of a product; non-compliance with these instructions voids product warranty.

MARGIN SCHEME – Refer to the Australian Taxation Office. www.ato.gov.au

MARKET APPRAISAL – An opinion of the saleability of a property and its value without carrying out a full-scale valuation. Also, see Appraisal.

MARKET PRICE – The price actually paid, or agreed to in a contract to be paid, for an asset. It differs from the market value in that it relates to an accomplished fact, whereas market value is and remains an estimate until proved. The Market Price may involve circumstances not normally included in the market value.

MARKET VALUE – Market value is the estimated amount for which an asset should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing, wherein the parties had each acted knowledgeably, prudently and without compulsion.

MASONRY – Building materials bonded together with mortar to form a wall such as stone, brick or concrete.

MATURITY DATE – The last day of the term of the home loan agreement. The home loan must then be paid in full or the home loan agreement renewed.

MEDIAN – The middle number when data is arranged from lowest to the highest in sequence. If there are two median scores, they are averaged to provide the true median. The median is also known as the 50th percentile.

MEDIATION – The process by which a third party assists two disputing parties to reach a mutually agreeable solution. A recommendation made by the mediator is not necessarily binding on the parties.

MELAMINE LAMINATE – A laminate manufactured from layers of paper, textile, plastic, wood or wood veneer compressed at high temperature and sealed in melamine plastic. Often used as shelving in robes or kitchens.

MEMORANDUM OF TRANSFER – A document that records the change of ownership of a property from the vendor to the buyer.

MEZZANINE -A low storey between two floors of a building, especially the first two floors; an intermediary floor. In a theatre, a shallow balcony between the main floor and the first balcony.

MOBILE HOME – A complete, liveable dwelling unit equipped with wheels so that it may be towed from place to place.

MORTAR – A mixing of bush sand (white or yellow), cement (grey or off-white) and water for brickwork. Usually at the rate of 6 part sand to one part cement (by volume) and if required one part lime. Can have a flush, raked or round finish.

MORTGAGE – Documentation of a property loan. Security over real property to ensure payment of a debt or performance of an obligation. Property held as security against a loan.

MORTGAGE GUARANTEE INSURANCE – Paid by the borrower to protect the lender against failure by the borrower to keep up mortgage repayments or to pay back the loan in full when it is due.

MORTGAGE OFFSET ACCOUNT – These offset accounts can help reduce your tax by offsetting taxable income from deposit accounts against interest paid in after tax dollars on mortgage repayments.

MORTGAGE PROTECTION INSURANCE – Covers borrowers for the payment of their mortgage instalments in the event of unforeseen circumstances including unemployment, illness or death. This insurance is paid annually and can vary depending on the outstanding balance of the loan.

MORTGAGEE – Financier who lends money against property as security.

MORTGAGEE SALE – Sale of a property where, in the case of a default of payments by the mortgagee, the mortgagor can sell the property over which the mortgage has been held.  (Referred to as a Foreclosure in the USA)

MORTGAGOR – One who owns an interest in real estate and who executes a mortgage on that interest as security for a loan or for the advance of credit.

MOULDING – Decorative strips of wood used to conceal joints.

MOVING IN UNDER LICENCE – When the seller allows the buyer to take legal occupation of their property before a settlement has occurred, usually for an agreed fee.

MULLION – The vertical member between two adjoining windows.

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