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Maintenance fee
Monthly assessment by homeowner's association on owners for maintenance and repair of common areas.
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Market conditions
Factors that affect the sale and purchase of a home at a specific point in time.
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Market value
The highest price that a buyer would pay and the lowest price a seller would accept on a property, at a specific point in time.
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Mortgage life insurance
A type of term life insurance where the amount of coverage decreases as the mortgage balance declines. In the event that the borrower dies while the policy is in effect, the insurance policy automatically pays off the debt.
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Multiple offers
More than one purchase offer made on a property.
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