Property - Recording Flashcards
Recording and BFP
What is a bona fide purchaser (BFP) of land?
A purchaser who takes land without notice of a prior instrument and pays valuable consideration.
Can a devisee of land be protected as a BFP?
No, because they do not give value for their interests.
How can mortgagees be protected as BFPs?
Mortgagees for value who take without notice can be protected as BFPs.
Who can be protected as a BFP when purchasing from an heir?
A purchaser from an heir can be protected as a BFP.
What does the shelter rule state?
Anyone who takes from a BFP will be treated like a BFP.
Does a quitclaim deed charge a purchaser with inquiry notice?
No, in the majority of states, it does not.
What charges a purchaser with inquiry notice regarding a third party?
The presence of a third party on the property.
What happens if a deed references an unrecorded instrument?
The purchaser is charged with inquiry notice.
What is the implication of an absent grantor’s deed from the chain of title?
It charges a purchaser with inquiry notice.
What type of recording act is described as: ‘Any conveyance of an interest in land… shall not be valid against any subsequent purchaser for value, without notice thereof, unless recorded’?
A notice statute.
What does the doctrine of estoppel by deed imply when a grantor conveys property he does not own?
The grantee’s title inures to their benefit only against the grantor.
What happens if a grantor transfers after-acquired title to an innocent purchaser for value?
The bona fide purchaser gets good title.
What is required for a title search to be complete?
An examination of the property.
In a race-notice jurisdiction, what happens when a buyer takes subject to a bank’s mortgage?
The buyer takes subject to the bank’s mortgage because it was recorded first.
What is the outcome in a pure notice jurisdiction regarding a subsequent bona fide purchaser?
They prevail over a prior grantee or mortgagee who has not recorded.
