What is a BFP in real estate?

What is a BFP in real estate?

Also known as BFP, bona fide purchaser for value, good-faith purchaser, innocent purchaser for value, purchaser in good faith. Innocent purchaser of property who purchases for value without notice of any other party’s claim against the property.

What is the doctrine of notice land law?

Under the doctrine of notice, a bona fide purchaser of a legal estate for value takes priority over any pre-existing equitable interest which is not registrable as a land charge, provided they did not have actual, constructive or imputed notice of their existence.

What is a bona fide purchaser legal?

Someone who obtains property for value without notice of any problems with its title (e.g., competing claims of ownership).

What is overreaching property law?

OVERREACHING is a term most commonly defined as the process of transferring equitable interests under a trust from a specific piece of land to the capital money received from the purchaser (including a lessee or mortgagee) of a legal estate in that land.

Why is it called equity’s darling?

‘Equity’s Darling’, as all law students will know, is the term the courts have coined to refer to the one person whose rights will trump prior equitable interests – the bona fide purchaser who acquires property for value and without notice of the equitable rights.

What is the nemo dat rule?

This rule is commonly referred to as the Nemo Dat Rule. Nemo Dat is the legal principle that a person who does not have adequate ownership of goods or property cannot transfer the ownership of those goods or that property to someone else.

What is actual notice in law?

Someone receiving notice (being informed of a case that could affect their interest – see: Notice) in fact, as opposed to Constructive Notice (where although that person did not receive notice in fact, the law will consider them to have received notice).

What is actual notice in property law?

Actual notice means when a person actually knows about the existence of a fact. The fact must be definite information given in the course of negotiations by a person interested in the property. The information of fact should not be a rumour or hearsay and thus is not bound by such information.

What is a bona fide purchaser without notice?

A bona fide purchaser for value without notice (BFPFVWN) is a good-faith buyer who has paid a stated price for a property without knowledge of existing prior claims or equitable interests. Without notice – the party had no actual, constructive, or imputed knowledge of existing titles to the property.

Who protects overreaching?

It appears from considering the principles of overreaching and the consensus of opinion amongst academics, that the law is more favourable to the purchaser than the beneficiary. The law protects the interests of the third party purchaser provided that they have paid the purchase money to two or more trustees.

What is beneficial interest in a property?

A beneficial interest is an interest in land that gives a person a financial share in a property and/or a right to occupy a property. There are three different ways in which a beneficial interest can arise: by express declaration of interests. by resulting trust. by constructive trust.

What does equity Darling mean?