April 20, 2011
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A purchaser of real estate must act in “good-faith” and give “valuable consideration” when acquiring a parcel of land. That “good-faith” distinction can be lost if the purchaser does not undertake “due diligence” to make reasonable inquiries to find others that might have an interest in the land. A recent North Dakota Supreme Court Opinion has again brought to light what it takes to be a bona fide purchaser of real estate.
Real Estate Transactions and Notice of Prior Acts Impacting Title (PDF)