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The Choice of Titling System in Land

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  • Arrunada, Benito
  • Garoupa, Nuno

Abstract

This paper analyzes the choice of the socially optimal titling system assuming rational individual choices about recording, assurance, and registration decisions. It focuses on the enforcement of property rights to land under private titling and the two existing public titling systems, recording and registration. When the reduction in the expected costs of forfeiture balances the higher cost of initial registration, a registration system is more efficient than a recording system. Implications for title assurance, land improvements, and transactions are also considered.

Suggested Citation

  • 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.
    • Handle: RePEc:ucp:jlawec:y:2005:v:48:i:2:p:709-27
    DOI: 10.1086/430493
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    References listed on IDEAS

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    More about this item

    JEL classification:

    • K11 - Law and Economics - - Basic Areas of Law - - - Property Law
    • K12 - Law and Economics - - Basic Areas of Law - - - Contract Law
    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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