Real Estate Glossary Terms Beginning With – Q

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Terms Beginning With - Q

Property Development & Investment Glossary, Terms & Definitions

Quadrangle

In the U.S. Government Survey System, a square piece of land that is 24 miles on each side.

Quadraplex

Four interconnected or under one roof residential units.

Quadraplex (QUAD)

A four-unit apartment building where each unit has its own private entrance and space.

Quadrominium

The development of a four-unit condominium.

Qualification

The process of looking at a potential borrower's credit history and ability to pay back a loan before giving it to them. Brokers who help a seller review a potential buyer's qualifications to buy a property where the seller is carrying back financing should know that the federal Truth in Lending Act, the Equal Credit Opportunity Act, and the Real Estate Settlement Procedures Act may apply (RESPA).

Qualified acceptance

It is possible to accept an offer only if specific conditions are met, or to accept it in a way that modifies the parameters of the original offer. This is not an acceptance of the offer, as it does not meet the terms of the offer as it currently stands.

Qualified buyer

A buyer who has shown that they have enough money and good credit to pay the price being offered. Many licensed real estate agents tell buyers to get prequalified by a lender before they start looking for a home.

Qualified fee

A freehold estate that has some restrictions set by the owner. For example, a grantor may give a grantee his farm with the condition that the grantee doesn't build a liquor store there. If the grantee builds a liquor store on the land, the farm goes back to the person who gave it to them. A qualified fee can also be given in a will if the testator leaves property to a spouse "as long as she (he) does not remarry." A base fee is also called a defeasible fee or a fee determinable. In modern practice, a qualified fee includes all types of defeasible fees, including a simple fee that is subject to a condition later.

Qualified intermediary

The person or company that helps make a 1031 exchange happen. This is a neutral third party. A qualified middleman, sometimes called a "accommodator," should not be related to the person who is exchanging money, and he or she is allowed to get paid. First, the intermediary buys the property that the exchanger is giving up. Then, the intermediary buys the replacement property and gives it to the exchanger. This is the most common way to do a three- or four-way 1031 exchange in the present day.

Qualified mortgage (QM)

The Dodd-Frank Act creates a category of home mortgages focused at ensuring extremely high ability to repay. In general, QMs must be fully amortizing within 30 years, and fees must be kept to a minimum. A maximum debt-to-income ratio and carefully certified income and assets are among the underwriting standards. In the event of a foreclosure, QMs provide the lender with further protection against legal challenges.

Qualified residential mortgage (QRM)

Financial institutions will be permitted to securitize and sell an unique class of Qualified Mortgages without having to maintain a share of the credit risk. If loans are securitized and sold, financial institutions will be required to maintain at least 5% of credit risk under non-QRM.

Quantity demanded

Amount of an economic item or service that customers will buy over a particular time period at a specific price.

Quantity survey

A way to figure out how much something will cost to build or make again. It's a very technical process used to figure out how much something will cost to build from scratch and is sometimes called the price takeoff method in the building trade. A quantity survey includes a detailed estimate of the amounts of raw materials (lumber, plaster, brick, and cement) used, as well as the current prices of the materials and the costs of installation. It also includes indirect costs, such as a building permit, a land survey, and overhead. A survey like this would include things like the prices of 10,000 concrete slabs at $2 each, 1,500 doorknobs at $5 each, and so on. When you add up all of these things, you get the total cost of a building. Quantity survey is a method that takes a lot of time. Most contractors and experienced estimators use it.

Quantity survey method

A method for estimating the cost of new real estate upgrades. Costs are estimated in the same way that an architect or builder does.

Quantity surveyor

a professional that assesses the materials needed for a building and also assists you in compiling your depreciation schedule

Quantum

A term used to describe the size or amount of an estate based on how long it will last instead of how much it is worth. For example, an estate for life, 55 years, or forever. Most of the time, the habendum clause tells how much an estate is worth.

Quantum meruit

Unjust enrichment is a legal doctrine under which a person can collect the reasonable value of services performed without any agreement from the parties involved. The seller cannot be sued by a real estate broker in several states if there is no written agreement.

Quarter sections

The squares formed by the junction of guide meridians and standard parallels are divided into 36 parts, each of which has 640 acres. Sections are then subdivided into four quarter sections of 160 acres each.

A way to measure the size of a piece of land that is used in government surveys of land. 160 acres, or 2,640 feet by 2,640 feet, make up a quarter-section of land. In the past, it was the area of land that was first given to a homesteader.

When the land in the United States was first surveyed, lakes, streams, and other features were sometimes found that made it impossible to divide the land into quarter-section pieces. These pieces were called "government lots," and each one had a number that was used as the legal name for that piece of land.

Quash

An administrative complaint can be quashed if the summons is annulled.

Quasi

"As if" is Latin for "like" or "almost like." Terms like "quasi contract," "quasi judicial," and "quasi corporation" are often used in real estate. A quasi-contract can be made to stop an unfair gain, like when a landowner pays taxes on their neighbor's property by mistake.

Quick assets

Assets that can be turned into cash quickly and easily; also called liquid assets.

Quiet enjoyment

Once the owner has transmitted ownership of the property to the tenant, the owner must allow the tenant with uninterrupted use of the property free of any interference that might jeopardize the tenant's leasehold interest in the property. The guarantee that no one has a claim to title superior to that of the grantee, and that the grantor will defend the grantee's title claim.

The legal right of a property owner or lessee to continue using the property unhindered by the former owner, lessor, or any third party claiming superior title to the property in question.

A clause in a lease that transmits the landlord's commitment that the tenant will be able to enjoy possession of the property in peace and without interruption.

Quiet title action

A court case that tries to clear up the title to a piece of property, especially if there are questions about it. The action must include everyone who might have a claim or interest in the property. An adverse possessor will often use a "quiet title action" to clear up the title. This is because having an official record title makes it easier to sell the property. Once the court's decision or judgment has been recorded, the claimant's right to and interest in the property are clear.

Most of the time, a quiet title action is used to get rid of easements, clear up any problems with the title, release a homestead, dower, or curtesy interest, transfer title without warranties, clear tax titles, or just let go of an interest when the grantor may still have some claim to the property. The seller of a forfeited contract for deed that the buyer had recorded can sometimes bring a quiet title action to clear the cloud on title caused by the recorded contract for deed, especially if the buyer refuses to release or quitclaim the interest.

Quiet title suit

An adverse possessor files a suit to obtain title to property by adverse possession.

A lawsuit to clear a flaw, cloud, or doubtful claim on the property's title.

Quitclaim deed

A deed that pretends to transmit just the rights in a property that the person making the conveyance has, with no warranties that such rights actually exist.

A deed that transfers a person's property rights to another person but does not contain any of the warranty deed's stipulations.

A release deed is a conveyance deed that serves as a release of the grantor's interest in the property. Instead of the phrases "grant" and "release," the quitclaim deed uses language like "remise, release, and quitclaim." This is a fundamental distinction between a deed and a quitclaim deed. As a result, grantors cannot guarantee ownership or possession of the grant. The only interest a grantor passes forward is the absence of any. As a result, the grantor, if any, permanently relinquishes any claim he or she may have had.

Any rights, titles, or interests that were in the grantor's possession at the time the deed was signed do not transfer to the grantee in the deed. Thus, the grantee is barred from claiming any subsequent rights.

Despite the fact that a quitclaim deed does not transfer any ownership to the recipient, it is not inferior to other types of deeds in terms of what it really transmits. While it is possible for the same property to be given to two different people, the person who receives the quitclaim deed will win over the person who receives a warranty deed if he or she is first to record it.

A quitclaim deed is rarely used to transfer a fee, but rather to release or convey minor interests in real estate to resolve title problems or obfuscate the title. Additionally, it can be used to impart lesser interests, such as life estates, and to release such interests as a remainder or reversion, as well.

Because of this, most title companies will not guarantee titles that stem from a quitclaim deed without further explanation. In other words, the quitclaim deed raises red flags for title searchers.

When one heir buys out the other, or when the seller is in such a bad financial situation that the buyer doesn't care if the buyer gets any warranties, quitclaim documents are frequently utilized. Title and deed are obscured by a cloud.

A contract in which the grantor transmits whatever interest he may have in the property without suggesting that such an interest exists.

Quorum

The minimum number of people who need to be at a meeting or business transaction in order for it to be legal and take place.

Glossary Index

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