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Real Estate Dictionary

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maintenance costs

The expense required to keep a property in a good state of repair.

maintenance fee

A term used primarily in reference to condominiums and planned developments. It is the amount that is charged each unit owner to maintain the common areas of the building or development. The maintenance fee is usually charged monthly and is often included as part of the owner’s assessment.

management agreement

A contract between a property owner and a property management firm in which the firm agrees to act as supervisor for the property in return for a continuing fee.

management fee

A property manager’s fee, which is established under a management agreement.

mandatory delivery commitment

A lender’s written promise to provide certain funds on a specified date (or dates), often the closing date on a mortgage.

manufactured housing

see prefabricated/prefab housing.

margin

In adjustable-rate mortgages, this is the difference between the index interest rate and the interest rate that is actually being charged to the borrower. It is usually expressed as a percentage, and as a percentage on top of the index itself (e.g., “prime plus 2 percent”).

marginal land

Any land that has a limited value; that is, it would take far more money to develop the land than it could ever produce in income. An example might be currently vacant land that previously had been polluted by petrochemicals. A developer might have to spend millions more in “clean-up” than she or he could ever realize from the sale of the houses she or he might construct on the land.

market price

The amount actually paid for a property. At the moment of sale, that amount is imagined to be its current valuation; subsequently, the market price, depending on economic factors, either appreciates or depreciates.

market rent

The amount that an owner can reasonably charge someone who wishes to lease a property. The determining factor is generally how much other landlords, in the same market, are charging for similar properties. Also known as economic rent.