Make an Offer:
A term that refers to a buyer service for submitting a purchase offer using Web-based tools. Make an Offer is a feature for registered/logged on users.

Market Analysis:
A report comparing your property to others in your market that were recently sold.

Market Area Search:
A distinct part or section of a city, usually defined by the local Multiple Listing Service (MLS).

Market Value:
The probable price property would bring in an arm's-length transaction under normal conditions in an open forum.

Marketable Title:
Clear or good title, reasonably free from the risk of litigation over possible defects.

MIP:
The amount paid by a mortgagor for mortgage insurance, to a government agency such as the Federal Housing Administration (FHA) or to a private Mortgage Insurance (MI) company. An acronym for Mortgage Insurance Premium.

MLS:
An acronym for Multiple Listing Service. Data that combines the listings for all available homes in an area, except FSBOs (For Sale By Owner), in one directory or database.

MLS Area:
A distinct part or section of a city defined by the Multiple Listing Service (MLS).

MLS Number:
A series of unique numerals used to describe an individual property in the Multiple Listing Service (MLS).

MLS Participation:
A firm or company that takes part in or contributes data to the Multiple Listing Service (MLS).

Mortgage:
A temporary, conditional pledge of property to a creditor as security for performance of an obligation or repayment of a debt.

Mortgage Broker:
An individual or company that typically requires a fee or commission for the service of bringing borrowers and lenders together for the purpose of loan origination. See also, Broker and Real Estate Broker.

Mortgage Commitment:
A written notice from the bank or other lending institution saying it will advance mortgage funds in a specified amount to enable a buyer to purchase real property.

Mortgage Company:
A firm that is in the business of originating, servicing and selling loans to investors.

Mortgage Insurance:
A contract that insures the lender against loss caused by a borrower's or mortgagor's default on a government or conventional mortgage loan. The contract can be issued by a private company or by a government agency such as the Federal Housing Administration (FHA). Depending on the type of mortgage insurance, the insurance may cover all or part of the mortgage loan.

Mortgage Insurance Premium (MIP):
The amount paid by a mortgagor for mortgage insurance, either to a government agency such as the Federal Housing Administration (FHA) or to a private mortgage insurance (MI) company. Also referred to by the acronym MIP.

Mortgage Note:
A written agreement to repay a loan that serves as proof of indebtedness and states the manner in which it shall be paid. The agreement includes the actual amount of the debt and renders the mortgagor personally responsible for repayment.

Mortgage Product:
Various types of mortgages.

Mortgage Provider:
A company or person who supplies loan products. See also Mortgage Company.

Mortgagee:
A lender in a mortgage loan transaction.

Mortgagor:
A borrower in a mortgage loan transaction.

Multi-Family:
Residential structure with more than one dwelling.

Multiple Listing Service:
The means by which members of a Board of REALTORS® share listing information and property details about a property with other members.

Definitions are intended to be informational only. Please be advised that real estate practices vary from state to state and market to market. The information contained herein does not constitute legal advice. It is recommended that you consult with a qualified real estate attorney who can advise you specifically with respect to the requirements in your market.