You've probably heard some real estate terms and are wondering what in the world they mean. Use this glossary to look them up! If you are wondering what a word or phrase means and I don't have it in the glossary, please send me an email asking!

Market Conditions
Factors affecting the sale and purchase of homes at a particular point in time.

Market Value
The current value of real estate that a buyer is willing to pay and a seller is willing to accept.

Marketable Title
A good or clear title that is free of defects.

Mechanic's Lien
Subcontractors or suppliers sometimes will file an encumbrance, or mechanic's lien, against a property to seek payment.

Mediation
A non-litigation method of dispute resolution. Unlike arbitration, this is not binding on the parties, and, should the parties choose, can be followed by either binding arbitration or litigation.

Mold
Fungal growth, caused by moisture. There are literally thousands of types, but a very few are highly toxic. Due to this, mold inspections are recommended if there has ever been a history of leaks or moisture in the home.

Monthly Association Dues
A payment due monthly to a homeowners' association, to be used for maintenance and communal expenses. Condominiums, townhouse complexes, and planned unit developments (PUDs) may require monthly homeowners' association dues.

Mortgage Acceleration Clause
A clause that allows a lender to demand repayment of the entire loan balance in a lump sum under certain circumstances, such as when the home is sold, title is changed, the loan is refinanced, or the borrower defaults on a scheduled payment.

Mortgage Broker
A company that matches lenders with prospective borrowers who meet the lender's criteria. The mortgage broker does not make the loan, but receives payment from the lender for services.

Motivated Buyer
A buyer with a strong incentive to make a purchase.

Motivated Seller
A seller with a strong incentive to make a deal.

Move-in Condition
A house that is ready for a new occupant.

Multiple Listing Service
The computer-based service for listing most properties by Realtors in a particular area. Sometimes referred to as the MLS.

Multiple Offers
More than one purchase offer made on a property. Multiple offers commonly occur in seller's markets or hot neighborhoods.