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Market and institutional determinants in the regulation of conveyancers

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  • 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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Suggested Citation

  • Benito Arruñada, 2007. "Market and institutional determinants in the regulation of conveyancers," European Journal of Law and Economics, Springer, vol. 23(2), pages 93-116, April.
  • Handle: RePEc:kap:ejlwec:v:23:y:2007:i:2:p:93-116
    DOI: 10.1007/s10657-007-9010-1
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    File URL: http://hdl.handle.net/10.1007/s10657-007-9010-1
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    References listed on IDEAS

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    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;The Geneva Association, vol. 27(4), pages 582-601, October.
    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 499-499, September.
    3. Hoffman, Philip T. & Postel-Vinay, Gilles & Rosenthal, Jean-Laurent, 2001. "Priceless Markets," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226348018.
    4. Arrunada, Benito & Garoupa, Nuno, 2005. "The Choice of Titling System in Land," Journal of Law and Economics, University of Chicago Press, vol. 48(2), pages 709-727, October.
    5. Baker, Matthew, et al, 2002. "Optimal Title Search," The Journal of Legal Studies, University of Chicago Press, vol. 31(1), pages 139-158, January.
    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 257-284, April.
    7. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-291, March.
    8. 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.
    9. Benito Arrunada, 2000. "The Quasi-Judicial Role of Large Retailers : An Efficiency Hypothesis of their Relation with Suppliers," Revue d'Économie Industrielle, Programme National Persée, vol. 92(1), pages 277-296.
    10. 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..
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    Cited by:

    1. Benito Arruñada, 2009. "Electronic titling: Potential and risks," Economics Working Papers 1193, Department of Economics and Business, Universitat Pompeu Fabra, revised Apr 2010.
    2. Arrunada, Benito, 2007. "Pitfalls to avoid when measuring institutions: Is Doing Business damaging business?," Journal of Comparative Economics, Elsevier, vol. 35(4), pages 729-747, December.
    3. Benito Arruñada, 2008. "How "Doing Business" jeopardizes institutional reform," Economics Working Papers 1088, Department of Economics and Business, Universitat Pompeu Fabra.

    More about this item

    Keywords

    Lawyers; Notaries; Property rights; Real estate; Transaction costs; K11; K12;

    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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