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A bona fide purchaser (BFP) – referred to more completely as a bona fide purchaser for value without notice – is a term used predominantly in common law jurisdictions in the law of real property and personal property to refer to an innocent party who purchases property without notice of any other party's claim to the title of that property. A BFP must purchase for value, meaning that they must pay for the property rather than simply be the beneficiary of a gift. Even when a party fraudulently conveys property to a BFP, that BFP will, depending on the laws of the relevant jurisdiction, take good (valid) title to the property despite the competing claims of the other party. As such, an owner publicly recording their own interests protects themselves from losing those to an indirect buyer, such as a qualifying buyer from a thief, who qualifies as a BFP. Moreover, so-called "race-notice" jurisdictions require the BFP to record to enforce their rights. In any case, parties with a claim to ownership of the property will retain a cause of action against the party who made the fraudulent conveyance.
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