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Lease Definitions & Terms

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Market Price

The actual selling or leasing price of a property.


Market Value

The expected price that a property should bring if exposed for lease in the open market for a reasonable period of time and with market savvy landlords and tenants.


Market data approach

The process of estimating the value of property through the examination and comparison of actual sales of comparable properties.


Mechanic's lien

A lien established by law in favor of those who provide labor or material for the improvement of real estate.


Meeting of the Minds

When all individuals to a contract agree to the substance and terms of that contract.


Month-to-month tenancy

A tenancy from month to month is generally created when no definite lease term is specified by the parties and the rent is payable monthly. Such a lease may be written or oral, and can be terminated by either party at the end of any month. Otherwise, it is renewed automatically from month to month on the same terms.


Mullions

Metal strips placed at regular intervals along a window line. They are designed to receive a wall partition in a manner ensuring a smooth, soundproof connection.


Multiple Listing

An arrangement among Real Estate Board of Exchange Members, whereby each broker presents the broker's listings to the attention of the other members so that if a lease results, the commission is divided between the broker bringing the listing and the broker making the lease.