bona fide (not comparable) 1  In good faith. 2  Genuine; not counterfeit.
What is a 'Debtor in Possession (DIP)' A debtor in possession (DIP) is a person or corporation who has filed for bankruptcy protection but still holds property that a creditor has a right to.  It is part of U.S. bankruptcy law and is the term used to describe a corporation that continues to do business while under Chapter 11 bankruptcy proceedings.
Vacant possession is an obligation on the Seller to make the property available on completion in a state in which the Buyer can physically and legally occupy it. Sometimes, it can be easy to establish whether vacant possession can be given based on the instructions given.If the property is tenanted and the tenancy is to continue, then vacant possession cannot be given. Sometimes, it cannot be easy to establish.or example, furniture not included in the sale/purchase or rubbish left at the property can mean that vacant possession has not been given. A Buyer should, therefore, inspect the property as close to exchange of contracts and again before completion to serve two purposes.