M

Management Corporation (MC)
Collectively the owners of the parcels in the strata scheme. This is formed automatically when the strata titles is registered by opening of a Book of Strata Register.

Management Fund
Levies are paid into this fund to cover day-to-day expenses of the management corporation, i.e. electricity, gardening, insurance, routine repairs and maintenance of common property.

Mortgage
An instrument for lending money on real estate. The property is pledged as security for the loan, and the lender has the right to take over the property if the borrower defaults on the terms of the loan.

Mortgage Banker
A specialized lending institution that lends money solely with respect to real estate and secures its loans with mortgages on the real estate.