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Ma Real Estate M-2&N

Terms & Definitions M-2 & N

TermDefinition
Mineral Rights Subsurface rights to real property. May be granted separately from surface rights as in rights to oil, gas, and minerals.
Mortgage A conditional conveyance of property as security for a loan (mortgage deed).
Mortgage Buydown The lender will allow the borrower to pay 1 or more points at closing in return, for a lower initial interest rate for 1 or more years. The borrower may then qualify for a larger mortgage loan.
Mortgage Deed Conditional conveyance of the property to the bank subject to the borrowers right of redemption. Referred to as the “mortgage”.
Mortgage Note The written promise to pay money borrowed against real property as security.
Mortgagee Party lending money with property as security. EXAMPLE: A bank.
Mortgagor Party borrowing money with property as security. EXAMPLE: Buyer or borrower.
Multiple Listing A listing placed in a Multiple Listing Service (M L S), where member brokers agree to share a listing with one another.
Negative Amortization A mortgage where the monthly payment agreed to does not cover the interest charged. The difference is then added to the principle balance.
Net Income Gross income (total revenue) less expenses.
Net Lease A lease where a lessee (tenant) pays a fixed rate plus other expenses. (Also known as Triple Net when tenant pays taxes, insurance, and other operating expenses).
Net Listing A listing where the seller is to receive a certain amount, and the broker retains anything above that amount as a fee. Illegal in Mass.
Non-Freehold Estate An estate for definite period of time; a lease. As compared to a Freehold Estate as in a deeded transfer of title.
Novation A new obligation is substituted for an old obligation. EXAMPLE: A bank accepting a new note with a new mortgagor, for an old note would do so by novation.
Created by: sunaecm4
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