Majority - The age at which a person may handle his own affairs.

Margin - The amount a lender adds to the index on an adjustable rate mortgage to establish the adjusted interest rate.

Market value - The highest price that a buyer would pay and the lowest price a seller would accept on a property. Market value may be different from the price a property could actually be sold for at a given time.

Marketable title - Title without defects or claims so as to be readily accepted without fair or reasonable doubt. Compare, INSURABLE TITLE.

Mechanic's liens - The right of an unpaid contractor, laborer or supplier to file a lien against property to recover the value of his work

Metes and bounds - A means of describing land by directions and distances rather than reference to a lot number. Generally used when land has not been subdivided into lots.

Mortgage - A voluntary lien filed against property to secure a debt, usually a loan. To foreclose, the lender must often institute a court action and the borrower may have the right to reclaim the property after foreclosure. Compare, DEED OF TRUST.

Mortgage insurance - Money paid to insure the mortgage when the down payment is less than 20 percent. See private mortgage insurance, FHA mortgage insurance.

Mortgagee - The lender

Mortgagor - The borrower or home owner.