Upon the granting thereof, a Leasing Approval shall remain in effect until the first to occur of any of the following: (i) the sale or other conveyance of the Lot in a bona fide, arm’s length transaction; (ii) the Lot owner has failed or been unable to lease the Lot in a bona fide, arm’s length transaction for a period of ninety (90) days from the date Leasing Approval was initially granted for such Lot, or (iii) after the initial lease thereof, the Lot at any time thereafter is not leased in a bona fide, arm’s length transaction for a period of ninety (90) consecutive days.

It's hard to tell sometimes if the title company is being petty and unnecessarily delaying closing by requesting an original notarized document from custodian or if it is a bona fide requirement to be legal.

My gut feeling is that this lease would not be enforcable as a bona fide lease.

Does the bank get or require a bona-fide appraisal when considering a short sale?

As the main takeaway: Not submitting a bona fide offer to your seller, to whom you owe a fiduciary, is both unethical and illegal.

I joke with one of my buddies, who's a bona fide hippie that owns a coffee shop in town.

Because a Contract for Deed (Installment Sales Contract) is considered to be a bona fide sale in the eyes of the IRS, even though neither deed nor title typically change hands until the entire purchase price has been paid in full, it does qualify for the First Time Home Buyer Tax Credit of $8,000 and can be retroacted on 2008's tax return.

We have done extensive research on this and had our contracts modified by a CPA/Attorney team so they would be a bona fide sale in the eyes of the IRS but still afford the owner the protection of a Lease Option contract.

If it falls out, the sellers will probably be amenable to dropping the price, just from discouragement.I don't know about killing the existing deal if a better offer comes in, but sometimes buyers need extensions, changes of terms, demand improvements, and the sellers can opt out of the contract at that time, and they might if they have a bona fide back-up offer.

A cash-offer that can close from a bona-fide investor is much better than a finance offer (MHO).So... if the listing agent had a higher offer but if the seller "rejected it" then with all means no foul play... if the listing agent got a higher offer first...