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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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
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.)
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.