225ec8c8_operty_3_Flashcards___Cram_com__rding_system__Brightline_rules
AIR Actual notice- second purchaser has literal knowledge of first purchasers existence. Inquiry notice- (constructive notice) whether second purchaser looks or not, second purchaser is on inquiry notice of whatever an examination of the estate would show. Buyer of real estate has a duty to inspect before title of transfer to see whether anyone else is in possession. If another is in possession, second purchaser has inquiry notice whether they inspected or not. (if they didn’t and another is in possession, they can no longer claim to be BFP). •If a recorded instrument makes reference to an unrecorded transaction, grantee is on inquiry notice of whatever a reasonable follow up would show. Record notice- (constructive notice). If first deed was recorded properly in the chain of title. (here, results may vary depending on whether it’s a race-notice jurisdiction). The first purchaser’s recording, puts later buyers on record notice, and will defeat BFP status
The Reocording System Notice
Real Property 3 Flashcards - Cram.com