Real Estate Glossary


qualifying ratios

Calculations that are used in determining whether a borrower can qualify for a mortgage. There are two ratios. The top or front ratio is a calculation of the borrower's monthly housing costs (principle, taxes, insurance, mortgage insurance, homeowner's association fees) as a percentage of monthly income. The back or bottom ratio includes housing costs as will as all other monthly debt. [Top]

Quit Claim Deed

"A quit claim deed is a legal document by which a person releases or ""quits"" any claim that they may have had to property. Of the different types of deeds, the quit-claim has the least assurance that the person receiving it will actually get any rights. The person who provides a quit-claim deed makes no warranty or representation that they actually own anything. The quit-claim merely provides that whatever they had or may have had, they are conveying it. Other types of deeds are judicial deeds, warranty deeds, and sheriff's deeds."

quitclaim deed

A deed that transfers without warranty whatever interest or title a grantor may have at the time the conveyance is made.