Q
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.