Construction Terminology

Construction Terms

Market value
An estimation of the price that could be obtained for a particular asset if it were sold in an arm's length transaction on the
current market.

Metes And Bounds
An older way of describing land in registered instruments. Starting at a recognizable point (the meeting of two roads, the
corner of a lot), the description then describes the boundaries of the land by indicating distances and directions for each
boundary (i.e. "South 100 feet" or "South 73 degrees, five minutes west for a distance of 100 feet"), returning at the end of
the description to the beginning point.

Mechanical Insp
.A mechanical inspection is an inspection performed by a building official to check for any discrepancies in the heating and
air conditioning work completed.

Mechanics lein
A statutory lien created in favor of contractors, laborers and vendors who have performed work or furnished materials in the
erection or repair of a building.

The borrower in a mortgage agreement
Category Construction Glossary