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Author Info
Baker, Matthew, et al

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Abstract

In the United States, title to land is protected by a system of public records that would-be buyers must consult in order to ensure that they are dealing with the true owner. Search is a costly process, however, especially as one goes back in time and the records deteriorate. This paper uses a sequential search model to determine how far back in time buyers should search. We find that, in general, search of the entire record is not optimal, which implies that optimal search does not establish title with certainty. We test the model using state statutes and search guidelines that limit the required length of title search. Our results show that the search limits vary across states according to the predictions of the model. Copyright 2002 by the University of Chicago.

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Publisher Info
Article provided by University of Chicago Press in its journal Journal of Legal Studies.

Volume (Year): 31 (2002)
Issue (Month): 1 (January)
Pages: 139-58
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:ucp:jlstud:v:31:y:2002:i:1:p:139-58

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  1. Thomas J. Miceli & Henry J. Munneke & C. F. Sirmans & Geoffrey K. Turnbull, 2008. "A Question of Title: Property Rights and Asset Values," Working papers 2008-32, University of Connecticut, Department of Economics. [Downloadable!]
  2. Thomas J. Miceli & Joseph Kieyah, 2002. "The Economics of Land Title Reform," Working papers 2003-02, University of Connecticut, Department of Economics, revised Jan 2003. [Downloadable!]
    Other versions:
  3. Benito Arruñada, 2007. "Market and Institutional Determinants in the Regulation of Conveyancers," Economics Working Papers 1034, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
    Other versions:
  4. Hud - Pd&R, 2008. "A Study of Closing Costs for FHA Mortgages," Economic Development Publications 39162, HUD USER, Economic Development. [Downloadable!]
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This page was last updated on 2009-11-16.

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