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Q Terms

Quarter Section – According to the divisions of a government survey, 180 acres or one quarter of a square mile of land.

Quit Claim Deed – A term used to describe the act of transferring the ownership of a home from the owner to another party, often a family member or a spouse.  However, a quitclaim deed gives no guarantee that the title of home is clear of liens.  Once this deed is issued by the homeowner (the grantor), the recipient (the grantee) assumes legal and financial responsibility for the property and any liens.  For example, if a couple is divorcing and own a home together, a husband could issue a quitclaim deed to transfer the ownership of his home to his ex-wife.

Quotation – A statement of the market price of a property, the price specified to a buyer.

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