Escrow & Title
Pennsylvania's 'Race-Notice' recording statute means that between two competing claimants, who prevails?
AThe first one to sign their deed
BThe later purchaser who records first AND takes without notice of the prior claim✓ Correct
CThe first one to pay full consideration
DThe party with the larger financial interest
Explanation
Under Pennsylvania's race-notice recording statute, a subsequent purchaser prevails over an earlier purchaser only if they: (1) recorded their deed before the prior unrecorded deed AND (2) took without actual or constructive notice of the prior unrecorded interest. Both elements (first to record AND no notice) must be met.
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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).
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
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