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Mortgage Dictionary "Q"
Qualifying the Borrower
Also known as loan qualification. This is the process of analyzing the buyer's eligibility for financing.
Quantum Meruit
Latin meaning "as much as he deserved". Quantum meruit determines the actual value of the services provided when either no contract exists or when doubt is cast as to the amount due for the work performed, but under situations when payment could be expected.
Quick Ratio
A measure of a firm's ability to pay current assets quickly, calculated by dividing current assets (minus inventories) by current liabilities.
Quiet Enjoyment
The right of a lessee (tenant) to use the leased property without interference from the lessor (owner).
Quiet Possession
The right granted by a lender to the borrower to use the
property without interference by the lender until there is default.
Quit Claim
In conveyancing, to release or relinquish a claim. In mortgages, a form of title transfer of ownership from the owner to the lender. A quit claim is a default remedy.
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