Home Page - Kelowna Real Estate

MAINTENANCE COSTS:
The expense of keeping a property in a good state of repair.

MAINTENANCE FEE:
Charge to a unit holder in a condominium or cooperative complex for that person's share of costs of keeping the common-use portions of the complex in a good state of repair.

MAJORITY:
1. More than 50%.
2. the age of majority is the age in years at which a community considers a human being capable of handling his own affairs and legally liable for his actions.

MALL:
Commonly used to refer to the entire shopping complex but properly a reference to the pedestrian area of the mall that connects shopping areas.

MANAGEMENT AGREEMENT:
A contract between an owner of a property and a property management firm in which the firm accepts periodic payments for acting as supervisor of the affairs of the property.

MANAGEMENT FEE:
The property manager's compensation.

MANAGEMENT PLAN:
A written document in which the property manager sets out its goals and the approaches it will use to accomplish those goals in a given period of time for the property.

MANDATORY DELIVERY COMMITMENT:
A lender's written promise to deliver certain funds at specified dates upon terms set out in the commitment.

MANUFACTURED HOUSING:
Known as "pre-fab" housing, any dwelling that is assembled out of components (i.e. walls, floors, roof) constructed off-site and then brought to the building lot.

MARGIN:
The difference or the added amount. In mortgages, the difference between the index interest rate and the interest rate charged on the variable or adjustable rate mortgage. Expressed in the contract as a percentage (i.e. "prime plus three per cent").

MARGINAL LAND:
Land whose value is limited. The cost of making it capable of producing income is generally very close to the income it would produce.

MARINA:
A facility located on a body of water which provides docking, storage, maintenance and other facilities for boats.

MARKET PRICE:
The consideration actually paid for an asset in an arm's-length transaction.

MARKET RENT:
Also known as economic rent, the amount the owner could charge and obtain for the lease of a property in the current economic circumstances.

MARKET RENTAL RISK:
The possibility that the market rent for a property will change due to changing market forces, making a long-term, fixed rent lease more or less desirable.

MARKET SEGMENTATION:
Analyzing sub-markets within a greater market.

MARKET STUDY:
An analysis of the reaction of the market to influences such as location, demand, extra-market economic events, etc.

MARKET VALUE:
An estimation of the price that could be obtained for a particular asset if it were sold in an arm's length transaction on the current market.

MARKETABLE TITLE:
Ownership of land that is without competing claims or other defects, such that it could be sold without complication.

MARKETING PLAN:
A written description of how a salesperson intends to advertise a given property to obtain the best price within a reasonable time.

MASTER LEASE:
The dominant lease in a property, under which one or more sub-leases may exist.

MATERIAL BREACH:
A contravention of the terms of a contract by one of the parties that is so large that it changes the very nature of the agreement between the parties and allows the innocent party to treat the contract as being at an end and pursue legal remedies (recision, damages, specific performance) from the contravening party.

MATERIAL FACT:
An important fact about one or more of the issues involved in the contract which, if known to all parties, may result in a different contract or no contract at all.

MATRIMONIAL HOME:
A legal term under Ontario's Family Law Act. The Matrimonial Home is the property (or properties) in which a married couple ordinarily reside. The Family Law Act gives spouses legal claims to the matrimonial home even if they are not on title as owner.

MATURITY DATE:
The date upon which a mortgage loan comes due and payable.

MEAN HIGH TIDE:
The level to which the water rose on an average day over a previous period of time (years or decades).

MEANDER LINES:
A vivid description of the measurement used in surveying to set out the boundary of a water course (i.e. a stream or river).

MECHANIC'S AND MATERIALMAN'S LIENS:
A claim against property that arises as a statutory right of any person who supplies work or materials to a property and is not compensated for that work. See also "construction lien".

MEETING OF THE MINDS:
In order for a contract to be enforceable, the parties to it must come to a common understanding of the terms of their agreement. If no such common understanding has occurred with regard to a material clause in the contract, the contract may be voidable. This common und