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Currently displaying definitions for words starting with - M
- Managing Agent
- A real estate agent authorised to manage the business affairs in connection with the property of another.
- Market Price
- The price actually paid, or to be paid, for a property. It differs from market value in that it is an accomplished fact, whereas market value is and remains an estimate until proved. Market price involves no assumption of prudent conduct by the parties concerned.
- Market Value
- As defined by the courts, the highest price estimated in terms of money which a property will bring if exposed for sale in the open market allowing a reasonable time to find a purchaser who buys with knowledge of all the uses to which it is adapted and for which it is capable of being used and assumes a willing buyer and willing seller.
- Master Builder
- This literally is a person engaged in the business of building construction, who is an employer of labour. It is a self-imposed title. In other words, there is no qualification for using the term master builder. However, in some States builders are licensed or registered and are unable to practise unless they hold such a licence or registration.
- Median price
- The mid-point of a range of property values that are ranked from the lowest to the highest sale price. For example, if there are five sales in a sample, which are ranked from the lowest to the highest sale price, the median value is the third sale.
- Mesne Profits
- The profits, which the owner of land loses by reason of his being wrongfully dispossessed of it. Thus a tenant who wrongly remains in possession of the land after his tenancy of it has ceased (and who is therefore not liable to pay any rent in respect of it) is liable to pay mesne profits to his landlord.
- An error, mistake, or mis-statement in the description of a property. A misdescription affecting a title, clause or character of land in a contract of sale may be:
(i) Substantial, so that the property purchased is not that which it was intended to purchase, or
(ii) Slight so that compensation in money would be proper.
In (i), the misdescription is a defence to an action for specific performance, and a ground for rescission; the purchaser cannot be compelled to take the property. The purchaser may however, at his option, generally compel specific performance of the contract with an abatement of the purchase price. The vendor cannot enforce the contract where he has been guilty of fraud or misrepresentation.
- A statement which conveys a wrong or false impression. Three kinds of misrepresentation are recognised and the rights and responsibilities of the parties concerned differ in each case ? false or fraudulent misrepresentation, negligent misrepresentation, and innocent misrepresentation. False representation is a wrong, which is actionable.
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