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Market Value The price that a piece of property sells for a particular point in time.

Marketable Title A title that the court considers to be so free from defect that it will enforce its acceptance by the buyer.

Memorandum A message or a communication that changes or modifies an agreement. To make a memorandum legally binding it would have to be signed as an affidavit.

Monthly Credits A portion of the monthly payments in either a rent-to-own situation or a lease option that is applied to the down payment of the house if the house is bought at the end of the term. This has been referred to in the past as rent credit.

Monthly Payment The amount agreed upon by optionor and optionee that is due monthly during the term of the lease option agreement. This has been referred to in the past as rent.

Moratorium An emergency act by a legislative body that will suspend the legal enforcement of contractual obligations.

Mortgage A mortgage is basically a loan, wherein the lender (mortgagee) loans out money for the borrower (mortgagor) to purchase real estate property. While the property is owned by the mortgagee until the mortgagor can pay off the loan, the mortgagee is able to live and use the property as if it was his/her own.

Motivated Seller Any seller with a strong incentive to make the deal.