Qualifying Ratios

Calculations that are used in determining whether a borrower can qualify for a mortgage. There are two ratios. The "top" or "front" ratio is a calculation of the borrower’s monthly housing costs (principle, taxes, insurance, mortgage insurance, homeowner’s association fees) as a percentage of monthly income. The "back" or "bottom" ratio includes housing costs as will as all other monthly debt.

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

Quarter Round

A molding whose profile resembles a quarter of a circle. QUASI Almost as if it were.

Quasi-Contract

A contract implied by law; that is, the law will imply and consider certain relationships as if they were a contract.

Quiet Enjoyment

The right of an owner to the use of property without interference with his or her possession or use.

Quiet Title

Court action to remove a cloud on the title.

Quiet Title Action

A lawsuit designed to remove any clouds on a title to property. It forces the claimant of an adverse interest in property to prove his right to title; otherwise he will be forever barred from asserting it.

Quit Claim Deed

A deed that transfers without warranty whatever interest or title a grantor may have at the time the conveyance is made. A deed to relinquish any interest in property that the grantor may have, but implying no warranties. A deed that transfers only whatever right, title, or interest, if any, the grantor owns, without implying any warranties. A conveyance by which the grantor transfers whatever interest he or she has in the real estate, without warranties or obligations.

Quite Title

A court action brought to establish title and to remove a cloud from the title.

Real Estate Dictionary Terms - Q