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Owner conveyed Lake Lot to Tenant, who paid value but did not record. Tenant moved onto the lot, built a dock, posted a mailbox, and lived there year-round. Owner later conveyed Lake Lot to Buyer for full market value. Buyer did not inspect the property and had no actual knowledge of Tenant's deed.
In a jurisdiction that protects bona fide purchasers without notice, what is the best analysis?

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