Thomas J. Miceli (University of Connecticut) Henry J. Munneke (University of Georgia) C. F. Sirmans (Florida State University) Geoffrey K. Turnbull (Georgia State University)
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This paper examines the impact of land title systems on property values. The predominant system in the U.S., the recording system, awards title to claimants over current possessors, whereas the Torrens registration system awards title to the current owner. In theory, the registration system maximizes property value, all else equal, but in practice, the systems differ depending on the risk of a claim and administrative costs. A natural experiment in Cook County, Illinois, where both systems have existed since 1897, allows a test of the theory. The results, based on commercial and industrial properties, reveal that parcels tend to self-select into the two systems based on the predictions of the theory.
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Paper provided by University of Connecticut, Department of Economics in its series Working papers with number
2008-32.
Length: 25 pages Date of creation: Aug 2008 Date of revision: Handle: RePEc:uct:uconnp:2008-32
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Find related papers by JEL classification: K11 - Law and Economics - - Basic Areas of Law - - - Property Law P14 - Economic Systems - - Capitalist Systems - - - Property Rights R14 - Urban, Rural, and Regional Economics - - General Regional Economics - - - Land Use Patterns
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