qualified buyer - a buyer of real estate with the financial capability and creditworthiness (or the cash) to purchase a property at a particular price. In many states this qualification may be established through a prequalification letter from a lender or a verification of deposits by a bank or other financial institution. In some jurisdictions, the listing contract provides that the real estate broker is owed a commission immediately upon procuring a qualified buyer who agrees to the seller's price and terms. In many others, the commission becomes due only upon the consummation of the sale. qualified fee - fee interest in real estate that may continue forever, but that also may end upon the occurrence of a specified event. An example is a grant of land to a school "as long as the land is used for educational purposes." If the school sells the land or changes its use, the land reverts to the grantor. Also called a fee determinable. See also defeasible, fee, fee simple, and fee simple determinable.

© 2004 Bella Vista Publishing Company, Inc.  ISBN 0-9718225-0-6

.
	Copyright Protection:   This real estate web site is created in the United States of America and protected by copyright laws.  Permission should be obtained prior to any reproduction, storage in a retrieval system, or transmission in any form or by any means, electronic, mechanical, photocopying, recording or likewise.
.