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.
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