Real Property- Superior Title, BFP, Easement Flashcards
Property essay workshop
What do courts consider to determine which party has a superior title to a property?
The first-in-time rule and the extent to which the state recording act modifies it.
What does the first-in-time rule state?
The party who records their interest first has superior title as to any subsequent recorded interest.
What is a Bona Fide Purchaser (BFP)?
A person who purchases a property interest for value without notice of prior interest.
What types of property interests can arise?
- Mortgage
- Easement
- Lien
What does ‘purchase for value’ typically involve?
A purchase for monetary value.
What are the three types of notice?
- Actual notice
- Constructive or recorded notice
- Inquiry notice
What is actual notice?
Based on a subjective awareness of the prior interest.
What constitutes constructive or recorded notice?
Based on a properly recorded deed in the chain of title.
What is inquiry notice?
Based on facts that would lead a reasonable person to investigate.
What are the three types of recording Acts?
- Race
- Notice
- Race-Notice
What does a Race recording Act state?
A recorded interest prevails over any interest recorded later; BFPs are not considered.
What does a Notice recording Act state?
A BFP prevails against any prior interest of which he lacked notice, regardless of recording.
What does a Race-Notice recording Act state?
A BFP prevails against any interest of which he lacked notice, but only if the BFP records first.
If a recording act applies, what protection does a BFP receive?
The BFP is protected from preexisting interests in the property.
What is an easement?
A property interest giving someone a limited right to use someone else’s land.
