Ali owns a parcel of unregistered land.Ali sold the land to Bugner who takes possession.The deed of sale in favor of Bugner was unregistered.Subsequently, Ali sells the same land to Clay, who is unaware of the sale to Bugner.The deed of sale is registered under the provisions of Sec. 113(b) of P.D. No. 1529 for registering dealings with unregistered lands.Both Bugner and Clay paid fair value for the land. Who between Bugner and Clay is the owner of the land?