Qualified buyer
A buyer who has demonstrated the financial ability to
afford the asking price of a home. Prequalifying with
a lender can expedite the home buying transaction.
Qualify
To meet a mortgage lender's approval requirements.
Qualifying ratios
Calculations that are used in determining whether a
borrower can qualify for a mortgage. They consist of
two separate calculations: a housing expense as a percent
of income ratio and total debt obligations as a percent
of income ratio.
Quantity-survey method
The appraisal method of estimating building costs by
calculating the cost of all of the physical components
in the improvements, adding the cost to assemble them
and then including the indirect costs associated with
such construction.
Quiet enjoyment
The right of a property owner or tenant to enjoy his
or her property without interference. Disruption of
quiet enjoyment may constitute a nuisance. Leases and
rental agreements often contain a "covenant of quiet
enjoyment," expressly obligating the landlord to see
that tenants have the opportunity to live undisturbed.
Quitclaim deed
A deed that transfers whatever ownership interest the
transferor has in a particular property. The deed does
not guarantee anything about what is being transferred,
including an actual ownership interest. For example,
a divorcing husband may quitclaim his interest in certain
real estate to his ex-wife, officially giving up any
legal interest in the property. A quit claim deed may
also be used to clear up a cloud on the title to the
property in cases where there is a question of a possible
ownership claim. Compare with grant deed.
Quiet title
Court action to remove a cloud on the title.
|
