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.
Qualified buyer