bona fide purchaser


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Bona Fide Purchaser

The purchaser of a property who does not know the seller lacks the right to sell it. The bona fide purchaser, because he is unaware of competing claims to the property, is usually considered the proper owner. However, most of the time the owner with the true claim to the property may sue the seller. In any case, the bona fide purchaser is held harmless in the transaction.

bona fide purchaser (BFP)

One who purchases property in good faith and for a valuable consideration without knowledge,actual or constructive,of the seller's title defects.Under certain circumstances,BFPs may retain the property free and clear of the claims of others.(As a practical matter,it is difficult to be a BFP of real property because of the constructive notice provided by public filings of almost all real estate-related claims.)
References in periodicals archive ?
18) The majority of texts opined that section 43 was only protective of bona fide purchasers for value without notice, that is, buyers in good faith paying a fair purchase price and wholly unaware of any irregularities regarding the vendor's right to sell.
A trustee in bankruptcy has the rights of a so-called "hypothetical lien creditor": a bona fide purchaser of real property or a judicial lien creditor, regardless of whether such purchaser or creditor exists.
In the Texas statute at issue, unrecorded conveyances are void as to creditors and bona fide purchasers without notice, but between the parties and as to purchasers with notice or who have not given valuable consideration, such conveyances are valid and binding.
The current rent is PS27,500 a year plus VAT and a full inventory would be made available to bona fide purchasers.
Trading figures will be made available to bona fide purchasers upon or after viewing.
For a long time, some owners have felt stuck in their units because bona fide purchasers were being given the run-around by lenders.
You need 15 percent bona fide purchasers to declare," Rozenholc noted.