Bona fide purchaser: Difference between revisions
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(Created page with "A '''''bona fide'' purchaser''' (BFP), in American real estate law, is a purchaser who satisfies 3 elements: # purchaser (outright buyer who take fee simple title) who # give...") |
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==See also== | ==See also== | ||
*[[Property Merrill/Outline]] | *[[Property Merrill/Outline]] | ||
*[[Property_Merrill/Outline#III._.23POSSESSION.27.27.27.27]] | |||
*[[adverse possession]] | *[[adverse possession]] | ||
Revision as of 15:04, April 20, 2023
A bona fide purchaser (BFP), in American real estate law, is a purchaser who satisfies 3 elements:
- purchaser (outright buyer who take fee simple title) who
- gives value
- without notice of prior transaction (actual notice, inquiry notice, & constructive notice are okay).
Recording acts
Recording acts are subject to
- race: whoever first records a real estate title wins
- notice: subsequent BFP without notice wins over previous grantees
- race-notice: a subsequent BFP without prior notice wins over prior grantees
Notice
A chain of title search can provide constructive notice to a bona fide purchaser (BFP).
Shelter rule
The "shelter rule" means that anyone who takes property from a BFP steps into the BFP’s shoes--regardless of whether the new property owner is a BFP in their own right.
