Market and institutional determinants in the regulation of conveyancers

Abstract

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

How should we model property? Thinking with my critics

“…I would submit that the sequential-exchange framework helps to distinguish the enabling and regulatory roles of public ordering (as they are mainly connected, respectively, to exchange and use externalities), and provides an operational way of identifying the comparative advantage, organizational constraints and viable hybridization of private-and public-ordering solutions. In addition to the cases summarized in the paper, sequential exchange has contributed along these lines in analyzing the organization of notaries public (Arruñada 1996(Arruñada , 2007, title insurers ( A common feature of most of the public solutions analyzed in these works is that-far from precluding-they enable private-ordering solutions. To this extent, the analysis of sequential exchange not only clarifies the puzzling ambiguity and elasticity in what is "public" in property but also prevents the risk, also envisioned by Smith, of a "too-quick assumption that private ordering does not work".…”

“…I would submit that the sequential-exchange framework helps to distinguish the enabling and regulatory roles of public ordering (as they are mainly connected, respectively, to exchange and use externalities), and provides an operational way of identifying the comparative advantage, organizational constraints and viable hybridization of private and public ordering solutions. In addition to the cases summarized in the paper, sequential exchange has contributed along these lines to analysing the organization of notaries public (Arruñada 1996, 2007), title insurers (Arruñada 2002), recorders for internet domains (Arruñada 2003: 427), one-stop shops for business formalization (Arruñada 2010a), company registries (Arruñada 2010b, Arruñada and Manzanares 2016), providers of business information (Arruñada 2011), real and intellectual property registers (Arruñada and Hansen 2015), and the consequences of technological change, as recently epitomized by blockchain (Arruñada 2017b).…”

Indicator scarcity on cadastre and land registration in cross-country information sources

“…The index is not portraying the quality of the protection of property rights secured through registration, nor the quality of the institutions underpinning the registration as discussed by Arruñada (2007Arruñada ( , 2011. The DB-indices do not reflect qualitative dimensions such as reliability, transparency or completeness of the registration system, nor enforcement issues of property rights.…”

From civil servants to liberal professionals: an empirical analysis of the reform of Portuguese notaries

“…The central argument driving this reform movement is that many regulatory restrictions are likely disproportionate and out-of-date, leading to higher prices, low incentives to innovation and significant welfare losses for consumers of notary services (Arrun˜ada, 2006(Arrun˜ada, , 2007Noailly and Nahuis, 2010;OECD, 2007). Rather than promoting the public interest, regulation of notary markets is believed to embody the preferences and interests of this legal profession (Arrun˜ada, 1992(Arrun˜ada, , 2006Suleiman, 1987).…”

“…The analysis indicates that the conversion to liberal professional status occurred predominantly in more urban and populated areas, where the demand for notary services has been historically higher than the national average. As happens in many other countries following the Latin notary tradition, the purchase and sale of property is among the most relevant sources of income for notaries (Arrun˜ada, 2007;Shaw, 2007a) and the privatization decision seems to reflect the analysis of market opportunities in terms of the number of past transactions and the value of properties transacted.…”