Canadian Real Estate Glossary

Canadian Real Estate Glossary


Qualifying Rate: The interest rate used by lenders to assess a borrower's ability to afford mortgage payments, often set higher than the actual mortgage rate.

Qualifying Ratio: A calculation used by lenders to determine a borrower's eligibility for a mortgage loan, comparing the borrower's income to their debt obligations.

Quadplex: A building or structure that contains four separate residential units or apartments.

Quiet Enjoyment: The right of a tenant or property owner to use and enjoy their property without interference or disturbance from others.

Quiet Title Action: A legal proceeding to establish or confirm ownership of a property and remove any competing claims or clouds on the title.

Quiet Title Lawsuit: A legal action initiated to determine and settle any disputes or uncertainties regarding the ownership of a property.

Quick Possession: Refers to a property that is available for immediate occupancy or purchase without a lengthy waiting period.

Quick Sale: A property sale that is completed rapidly, often at a discounted price, typically due to the need for immediate liquidity or other pressing circumstances.

Quote: An estimate or price proposal provided by a contractor or service provider for a specific scope of work or project.

Quantity Surveyor: A professional who specializes in estimating and managing construction costs, often hired by developers or property owners to provide accurate cost assessments.

Quorum: The minimum number of individuals required to be present at a meeting to conduct official business or make binding decisions.

Quitclaim Deed: A legal document used to transfer or relinquish any ownership interest or claim a person may have in a property without guaranteeing the validity of the title.

Qualified Intermediary: An independent third party appointed to facilitate a 1031 exchange, holding the proceeds from the sale of a property until the replacement property is acquired.

Qualified Professional Mortgage Broker: A licensed mortgage broker who has met certain professional requirements and qualifications.

Quality Control: The processes and measures implemented to ensure that construction or renovation work meets specific standards and specifications.

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