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Flashcards in the recording system Deck (23)
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1

main rule for notice jurisdiction

if BFP, last BFP wins, (no need to race to record)

2

main rule for race-notice jurisdiction

if BFP and first to record, wins

3

what are the 2 reasons recording acts exist

for 1) BFP and
2) mortgage creditors

4

what is a bona fide purchaser

one who
1) purchases FOR VALUE
AND
2) WITHOUT NOTICE someone else got it before

5

what is the rule for value for BFP

1) remits SUBSTANTIAL PECUNIARY CONSIDERATION
- can be bargain basement sale if given substantial money

2) doomed donee: recording statutes DO NOT protect doness heirs, or devises unless shelter rule

6

does BFP apply to donees, heirs or devises?

NO!!!! need for value

7

when is a BFP determined

AT TIME CLOSING

8

what are the 3 forms of notice that buyer is charged with (AIR)

1) actual
2) inqury
3) record

9

what is inquiry notice

buyer of RE has duty to INSPECT b4 transfer title, to see if anyone is in possession. B has inquiry notice w/e or not actually bothered to inspect

10

record notice

deed is recorded properly w/i chain of title prior or at closing. B is held to have notice

11

notice statute language

"a conveyance of an interest in land shall not be valid against any subsequent purchaser for value , w/o notice thereof, unless the conveyance is record"

12

who wins in pure notice state

LAST BFP TO TAKE WINS

13

what is the race-notice language

"any conveyance of an interest in land shall not be valid against any subsequent purchaser for value, w.o notice thereof, WHOSE CONVEYANCE IS FIRST RECORDED

14

what must a buyer to do win in race-notice state

1) be BFP AND
2) FIRST TO RECORD

15

Is IL a notice or race-notice state

RACE-NOTICE

16

to give record notice to subsequent takers what must happen

deed must be recorded properly

17

how is a deed recorded properly

by chain of title, which refers to that sequence of recorded documents: capable of giving record notice to takers.

18

what are the 3 discrete chain of title problems

1) shelter rule
2) wild deed
3) estoppel by deed

19

generally what is the shelter rule

if a person is a BFP and records first and later GIVES AWAY (not for value) to gift to another person. That other person steps into the shoes of the BFP and wins against others

20

what is a wild deed

if a deed, entered on the records has a grantor UNCONNECTED to the chain of title, the deed is wild.

21

what is wild deed rule

if a deed, entered on the records has a grantor UNCONNECTED to the chain of title, the deed is wild.
- the deed is INCAPABLE OF GIVING RECORD NOTICE OF ITS EXISTENCE

22

is a wild deed capable of giving record notice of its existence

NO. as if NEVER recorded at all

23

estoppel by deed rule

one who conveys realty in which he has no interest, is estopped from denying the validity of that conveyance IF he later acquires later transfer interest