Escrow & Title
In Mississippi, a 'bona fide purchaser for value without notice' has special protection because they:
APaid market value and had no notice of prior unrecorded claims✓ Correct
BPurchased property at a tax auction
CObtained title through inheritance
DRecorded their deed before the seller
Explanation
Under Mississippi's recording laws, a bona fide purchaser who pays value and takes without actual or constructive notice of a prior unrecorded interest prevails over that prior interest—as long as they record first.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
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