QUADRANGLE A square area of land which measures 24 miles on each side
Back to top --
QUADRAPLEX A four-unit building designed for occupancy and use by four different
residences.
Back to top --
QUALIFIED ACCEPTANCE An acceptance of an offer subject to a condition or conditions
which must be met. Since new conditions are included, a qualified acceptance is a
rejection of the original offer and thus is a counteroffer.
Back to top --
QUALIFIED BUYER A buyer who has satisfied a lender that he or she is financially
able to qualify for a loan. Qualifying the buyer is one of the primary steps taken by the
lender as part of the loan process.
Back to top --
QUALIFIED FEE ESTATE A legal interest in land which is subject to a limitation(s)
placed on the estate by the owner. For example, a qualified fee could be created 'to First
Church so long as the land is used exclusively for religious purposes." The two most
important kinds of qualified fees are: (1) fee simple determinable and (2) fee simple
subject to a condition subsequent.
Back to top --
QUANTITY SURVEY METHOD A method of estimating reproduction cost for appraisal
purposes by totaling the cost of each individual part to be used in construction and the
cost of labor per part, plus additions for indirect costs.
Back to top --
QUANTUM The duration or length of an estate or interest in land such as 'an estate
for life."
Back to top --
QUARTER SECTION An area of land measuring 2,640 feet on each side (one-half mile)
and containing 160 acres. Such a measurement is part of the Government Survey Method.
Back to top --
QUASICONTRACT A legal obligation imposed by law where there is unfair or unjust
reward to one party.
Back to top --
QUIET ENJOYMENT The legal right of an owner to use and enjoy property without
interference of possession by someone with a superior title.
Back to top --
QUIET TITLE ACTION Action by a court to remove a cloud or claim that has been
placed on title to property.
Back to top --
QUITCLAIM DEED A deed which conveys only what present interest a person may have in
a particular property without making any representations or warranties of title. Such a
deed is useful in clearing up doubtful claims such as possible dower rights or disputed
liens. A person giving a quitclaim deed releases and waives all present rights, and if the
grantor has good and merchantable title, this is what is conveyed. If the grantor actually
has no interest in the property, no interest is conveyed. However, if the grantor later
acquires good title to the property previously conveyed by a quitclaim deed, the grantor
keeps it; it is not automatically passed on to the grantee.
Back to top --
|
