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
