Glossary Of Property Term - M

Market Value
Estimated amount for which an asset should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion. 

Mortgage
A legal document pledging a described property for the performance of the repayment of a loan; a loan secured by a pledge or conditional conveyance of real estate.

Mortgagee
The party who advances the funds for a mortgage loan; the lender, the recipient of the mortgage instrument.

Mortgagor
One who gives a mortgage as security for a loan; the borrower.