Holiday home glossary – definitions property terms-M

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M

Maintenance: In property parlance, the keeping of a building, structure or other physical feature in a specified condition eg. wind and weather tight conditions. The approved cost of maintenance may be deductible for income taxation.

Mattha: Frontage of a building with the main road.

Mortgage: The conveyance of a legal or equitable interest in freehold or leasehold property as security for a loan and with provision for redemption on repayment of the loan. The lender (mortgagee) has powers of recovery in the event of default by the borrower (mortgagor). A mortgage is a form of land charge and can be either legal or equitable.

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