qualifying interest rate The initial interest rate in an adjustable rate mortgage that determines whether a prospective borrower is qualified for the loan. The lower initial interest rate results in lower monthly payments which are affordable by more buyers. The qualifying interest rate may last only a year or two before a higher permanent rate becomes effective. Hopefully, the mortgage debtors then will be able to afford the increased monthly payments.
questions of fact Circumstances or matters surrounding and involved in a case that is being tried by a court. These questions refer to events that allegedly took place in the past and are now in dispute. The jury decides if the information provided is true.
questions of law Principles and rules of human conduct determined by the judge to be applicable in a case being tried by a court. For example, the definition of murder is a question of law within the province of the judge and not the jury.
quicksand effect An effect that occurs once a homeowner misses two or three monthly mortgage payments. The large delinquency rapidly sucks the homeowner "under" (completely unable to make payments), like quicksand. If the delinquency is due to some problem such as death, divorce, or loss of a job, the Federal Housing Authority considers the homeowner a deserving borrower, and lenders are encouraged to make an adjustment for such debtors, such as a reduction in payments for a period.
quiet enjoyment The sense of ownership, such as freedom from interference by others, that a tenant is entitled to receive as an implied incident of the lease.
quiet title A judgment that determines the identity of each person who owns an interest in specified real property and describes that interest. This legal remedy is used to establish the identity of all valid claims or encumbrances that exist and to clear title of unworthy claims.
quitclaim deed A variety of deed used to convey ownership interests without any warranty whatsoever. Quitclaim deeds typically are used to clarify title or to release interests in property formally.
quoted price syn quoted rate See quoted rate.
quoted rate syn quoted price The asking rent usually defined as rent per square foot for buildings (office, retail, or warehouse) or the asking price of a property. When stated as a "quoted" rental rate or sales price, it usually indicates that the rate or price is "soft" or negotiable.