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Market and institutional determinants in the regulation of conveyancers

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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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  • Benito Arruñada, 2007. "Market and institutional determinants in the regulation of conveyancers," Economics Working Papers 1034, Department of Economics and Business, Universitat Pompeu Fabra.
    • Handle: RePEc:upf:upfgen:1034
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    Cited by:

    1. Benito Arruñada, 2023. "La protección administrativa de las relaciones financieras," Fedea Economy Notes 2023-11, FEDEA.
    2. Benito Arruñada, 2009. "Electronic titling: Potential and risks," Economics Working Papers 1193, Department of Economics and Business, Universitat Pompeu Fabra, revised Apr 2010.
    3. 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.
    4. Stephan Bartke & Reimund Schwarze, 2021. "The Economic Role and Emergence of Professional Valuers in Real Estate Markets," Land, MDPI, vol. 10(7), pages 1-20, June.
    5. Hans Ola Jingryd, 2013. "Legal Counsel in European Real Estate Conveyances: Brokers and Notaries," ERES eres2013_188, European Real Estate Society (ERES).
    6. Benito Arruñada, 2008. "How "Doing Business" jeopardizes institutional reform," Economics Working Papers 1088, Department of Economics and Business, Universitat Pompeu Fabra.

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    More about this item

    Keywords

    Lawyers; notaries; property rights; real estate; transaction costs;
    All these keywords.

    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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