Quadrangle
a quadrangle is a square land area, 24 miles long on each side, which is typically utilized in the government rectangular survey method (a quadrangle usually contains 16 townships). |
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Qualify/Qualified
Once a buyer has completed the process that verifies he or she meets lender requirements for obtaining a specific mortgage amount and/or agreement, that buyer is said to have "qualified". |
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Qualifying Ratios
Two calculations, referred to as "qualifying ratios" are typically used to determine whether or not a borrower can qualify for a mortgage. The first is the "top" or "front" ratio, which is expressed as a percentage of the borrower's monthly income that is or is expected to be consumed by housing costs (principle, taxes, insurance, mortgage insurance, homeowner's association fees, etc.). The second is the "back" or "bottom" ratio, which is expressed as a percentage of the borrower's monthly income that is or is expected to be consumed by housing costs in addition to all other known or predictable monthly debt (auto loans, credit cards, etc.). |
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Quid Pro Quo
"Quid Pro Quo" is a Latin term meaning "what for what", or "something for something". In contract law it is used to simply denote a mutual exchange of consideration. |
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Quiet Enjoyment
Often specified as a covenant in a deed or lease, the right of "quiet enjoyment" grants exclusive control over the use of the property. |
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Quiet Title Action
When one property claimant challenges one or more others in a court of law for the purpose of determining who is the rightful legal owner, the proceeding is referred to as a "quiet title action". This is because the court's final ruling is intended to literally "quiet" the conflicting claims on the property, eliminating any ambiguities in the title and making it clear marketable. |
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Quitclaim Deed
In some special or unusual cases the seller's interest in the property is not 100% certain or verifiable, so a quiteclaim deed, which acknowledges the possibility that the grantor's claim may not be actually valid, is utilized in place of a normal grant or warranty deed. A quietclaim deed simply transfers to the buyer whatever claim or interest the grantor has, and by accepting such a deed, the buyer assumes all of the associated risks. |
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