Qualifying
Definition of "Qualifying"
- Process determining an individual's financial ability to meet the terms of a loan. When selling real estate, the sales broker must qualify the buyer to make certain he/ she has the financial ability to purchase the property and be eligible to obtain a mortgage.
- In insurance, a period of time during which an individual is eligible to receive benefits until it is determined whether or not fraud or other misrepresentation has occurred. A qualification period is found most frequently in health insurance and pension plans.
Popular Real Estate Terms
As the term “servient” comes from the root word “serve” and to serve means to perform a duty or a service for another entity, its meaning is easy to define. The term ...
Justifiable and fair amount for a real estate transaction based on the conditions and limitations involved in the exchange. ...
To acquit, exonerate, absolve, or discredit allegations. ...
Use of other people's money (OPM) in an attempt to maximize the return but at high risk. The use of leverage in real estate investing is a way to maximize yield on a small down payment. ...
Mortar or concrete which is pumped or 'shot' through a hose at high velocity onto a surface. ...
Platform erected on a roof in some New England homes having a view of the sea. It was said widows of lost seaman would walk on the platform looking out at sea for their husbands to return ...
Creates a lien against the mortgagor's property, but does not permit a lien against his or her personal assets. See also non recourse. ...
Contractual provision requiring apportionment. ...
Decline in the credit status of a prospective homebuyer. ...
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