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Glossary - M
Managing Agent – The managing agents is a person or business entity that represents the landlord; there duties may include observing current tenants and collecting rents.
Market Rent – An estimation of how much rent a property could generate if it was able to be leased to a tenant. Numerous factors dictate the market rent including availability of similar properties, amount of tenants willing to lease the property, location and many more???
Market Value – An estimation of what price a property could generate if it was able to be sold. Numerous factors dictate the market value including availability of similar properties, amount of tenants willing to lease the property, location and many more???
Material Breach – Some break clauses use the term “material breach” meaning the tenant must not be in material breach of the lease covenants to exercise the break clause, which is in effect a relaxation of the common requirement to comply fully with all the lease covenants.
Material Compliance – A common legal term used to express which conditions in a lease must be met precisely while other’s being more flexible.
Mediation – An attempt to bring around a peaceful agreement or concession between landlord and tenant through the objective intervention of a independent neutral party. The decision made is documented and can then become binding upon both parties.
Memorandum of Review – Documents the result of the rent review process. It is a simple legal document describing the lease, the relevant review provisions and the records of the amount and active date of any adjusted rent.
Mesne Profits – The amount a tenant should pay if she remains in occupation of premises unlawfully. Mesne Profits are claimed, as opposed to rent, to avoid the occupant claiming continued tenancy rights.
Messuage – Residential Dwelling House together with its land and borders
Mezzanine – Intermediate floor usually in a multi-story building, which does not extend to the full floor area of the whole building.
Mortgage – is a common method method of using property, most notably real estate, as security for the raising of capital in the form of a loan, either to buy the property against which the loan it is secured, or to buy some other property. The term mortgage – mort (Latin – mortus = death) and gage (Latin – gage = pledge or challenge)