Innocent Purchaser

One who buys an asset without knowing of a flaw in the title or property. See Bona Fide Purchaser.

A party not responsible for cleanup of contaminated property. Under SARA, anyone who is in the chain of title becomes responsible for such cleanup, even those with no responsibility for the pollution. One exception is a purchaser who knew nothing about the contamination and had an investigation done (Phase I) prior to the purchase.
Example: Discarded electrical parts containing hazardous PCBs and lead were found on land, requiring a cleanup of the environmentally contaminated property. All current and prior owners and users were Potentially Responsible Parties. Irene, however, bought the land after a qualified inspector had determined that it was free of hazards, so she is an innocent purchaser, not responsible for cleanup.

An individual who, in good faith and by an honest agreement, buys property in the absence of sufficient knowledge to charge him or her with notice of any defect in the transaction.

An individual is an innocent or good-faith purchaser when he or she buys something, paying valuable consideration, without actual or constructive notice of any legal infirmity in the sale. The purchaser of a gold bracelet for $500 from a jewelry store cannot be charged with notice that the bracelet was stolen.