We hope this Glossary of Mortgage and Real Estate Terms helps you understand the home buying and financing process. Should you have any further questions, please do not hesitate to contact your Loan Officer for answers.

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Q Terms

Quadrangle: A square shaped area of land, 24 miles on each side, used in the government rectangular survey.  Each quadrangle contains 16 townships.

 

Quantity Survey: A method used by appraisers to estimate the reproduction cost of an improvement.  A detailed cost estimate of all materials, labor, fees, and overhead costs required to replace a structure.

 

Quiet Enjoyment: The right of an owner or tenant legally entitled to possession to use of the property without interference.

 

Quiet Title Suit (or Action): Court action or suit to settle or remove a title defect, cloud on the title, or suspicion regarding legal rights of an owner to a certain parcel of real property.  A quiet title action may be used to: substantiate the title of a squatter; adverse possessor; extinguish easements; release a dower interest; or remove a cloud on title.

 

Quitclaim Deed: A deed that conveys only the grantor's rights or interest in real estate, without stating the nature of the rights and with no warranties of ownership.

 

Qualifying Income Ratio : Income analysis used by lenders to determine whether the borrower can afford to make the payments of a loan. One type of analysis compares only the amount of the proposed monthly mortgage payment to the monthly income (Income Ratio). Another, compares the amount of the total monthly payments (for example, car, credit card and proposed mortgage payments) to the monthly income (Debt Ratio).