Mortgage broker

(1) A business that or an individual who unites lenders and borrowers and processes mortgage applications. (2) A mortgage broker shops several lenders, acting as a middle man between lending institutions and the borrower. A broker can compare mortgages from several different institutions, giving the borrower a better deal.

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Mortgage banker

(1) One wholends the bank’s funds to borrowers and brings lenders and borrowers together. (2) A mortgage banker works directly with a lending institution to provide mortgage funds to a borrower. They can only obtain funds from a specific institution and are responsible for each part of the mortgage process, including property evaluation, financial due diligence, and […]

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Marketing period

The period of time in which the transferee may market his or her property (typically 45, 60, or 90 days), as directed by the third-party company’s contract with the employer.

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Managing broker

A person licensed by the state as a broker who is also the broker of record for a real estate sales office. This person manages the daily operations of a real estate sales office.

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Mutation

Transfer or change of name in the records of the Corporation for the concerned property.

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Mixed-Use Development

A project providing for more than one purpose. In housing it blends a combination of residential, commercial, cultural, institutional and industrial usage.

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Mid-Rise

A building with between four and eight f; above ground level although in a Central Business District, this might extend to buildings up to twenty-five stories.

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Maintenance Charges

Charges payable by the owners or occupants of a development complex ( residential/commercial / plotted) towards upkeep of all common areas and facilities. It is generally a monthly charge.

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