Titling systems are the institutions used to enforce property rights as rights in rem and reduce the cost of transacting on them. To be effective in non-local markets, they require a registry, which produces information on claims or rights, thus allowing the judge to verify them, establish their relative priority, and solve conflicts between claimholders by adjudicating rights in rem and in personam to them. Since the judge relies on register evidence, access to registers also allows contractual parties to reduce their information asymmetry before transacting.
Introduction: The Tradeoff between Property Enforcement and Transaction Costs
Rights to land and many other assets can be enforced as property rights, iura in rem, claimable against the asset itself and therefore valid against all persons, erga omnes. These property rights are said to “run with the land,” meaning that they survive unaltered through all kinds of transactions, and transformations dealing with other...
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