Recording System

Question 1

Notice Statute Requirements

Answer 1

1. Subsequent purchaser
2. Good faith
3. No actual, constructive record, or inquiry notice
4. For Good and Valuable Consideration (money)

Question 2

Race Notice Statute

Answer 2

1. Subsequent purchaser
2. Good faith
3. No actual, constructive record, or inquiry notice
4. For Good and Valuable Consideration (money)
5. **main addition: properly recorded first

Question 3

Race Statute

Answer 3

First purchaser for value to properly record first

Question 4

Texas Statute

Answer 4

Notice Statute

Question 5

Good and Valuable Consideration

Answer 5

If purchaser paid less than 20% of FMV: probably no
If purchaser paid more than 50% of FMV: probably yes
If purchaser paid somewhere between 20-50%: murky