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Market and Institutional Determinants in the Regulation of Conveyancers

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Author Info
Benito Arruñada ()

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Abstract

Demand for law professionals in the conveyancing of property is decreasing because of market and institutional changes. On the market side, many transactions feature large, well-known parties and standardized transactions, which make professionals less effective or necessary for protecting the parties to private contracts. On the institutional side, public titling makes it possible to dispense with a broadening set of their former functions. Recording of deeds made professionals redundant as depositories of deeds and reduced demand for them to design title guarantees. Effective registration of rights increasingly substitutes professionals for detecting title conflicts with third parties and gathering their consent. Market changes undermine the information asymmetry rationale for regulating conveyancing, while institutional changes facilitate liberalizing not only conduct but also license regulations. These arguments are supported here by disentangling the logic of titling systems and presenting empirical evidence from the European and USA markets.

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Publisher Info
Paper provided by Department of Economics and Business, Universitat Pompeu Fabra in its series Economics Working Papers with number 1034.

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Date of creation: May 2007
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Handle: RePEc:upf:upfgen:1034

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Related research
Keywords: Lawyers; notaries; property rights; real estate; transaction costs;

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Find related papers by JEL classification:
K11 - Law and Economics - - Basic Areas of Law - - - Property Law
K12 - Law and Economics - - Basic Areas of Law - - - Contract Law

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Benito Arruñada, 2002. "A Transaction Cost View of Title Insurance and its Role in Different Legal Systems," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan Journals, vol. 27(4), pages 582-601, October. [Downloadable!] (restricted)
  2. Philip T. Hoffman & Gilles Postel-Vinay & Jean-Laurent Rosenthal, 1998. "What do Notaries do?. Overcoming Asymmetric Information in Financial Markets: The Case of Paris, 1751," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 154(3), pages 499-, September.
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  3. Baker, Matthew, et al, 2002. "Optimal Title Search," Journal of Legal Studies, University of Chicago Press, vol. 31(1), pages 139-58, January.
  4. Arrunada, Benito & Garoupa, Nuno, 2005. "The Choice of Titling System in Land," Journal of Law & Economics, University of Chicago Press, vol. 48(2), pages 709-27, October.
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  5. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March. [Downloadable!] (restricted)
  6. Arrunada, Benito & Garicano, Luis & Vazquez, Luis, 2001. "Contractual Allocation of Decision Rights and Incentives: The Case of Automobile Distribution," Journal of Law, Economics and Organization, Oxford University Press, vol. 17(1), pages 257-84, April.
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  7. R. Hirschowitz, 1989. "The Other Path: The Invisible Revolution in the Third World," South African Journal of Economics, Economic Society of South Africa, vol. 57(4), pages 266-272, December. [Downloadable!] (restricted)
  8. Nyce, C. & Boyer, M.M., 1998. "An Analysis of the Title Insurance Industry," Ecole des Hautes Etudes Commerciales de Montreal- 98-14, Ecole des Hautes Etudes Commerciales de Montreal-Chaire de gestion des risques..
  9. Benito Arruñada, 2000. "The Quasi-Judicial Role of Large Retailers: An Efficiency Hypothesis of Their Relation with Suppliers," Economics Working Papers 445, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Benito Arruñada, 2008. "How Doing Business Jeopardizes Institutional Reform," Economics Working Papers 1088, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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This page was last updated on 2009-11-27.

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