New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-10-06
Jack sprat could cat no fat,i
His wife could eat no lean;
And 80 they both together
Did lick the platter clean.
REAL ESTATE TITLES

There is not little activity in real estate
IN New-York and transfers Of considerable
importance have recently been made. But it
is well understood that great difficulties at
tend the Investment of money in this kind OF
property, and not only in New-York, but
through all the adjoining States, the value Of
such property is greatly affected by these en-
barrassmcnts. If one could buy real estate,
having formed an idea Of its value, or could
lend upon it, as readily and neIpenSivcy as
one can buy or lend upon other property,
very large sums would seek such Investment,
aud the value Of real property would be ma
tcrially changed.
The cost of legal fOrmaities aud official
records is an important obstacle. Still greater
is the delay and cost of searching titles. In
most States, moreover the trouble and delay
in enforcing a mortgage against real estate 20
far to prevent loans which would otherwise
be regarded with high favor by capitalists.
The existing formaitics are useful and profit
able to convcyanccrs, to some officials and to
those lawyers whose principal business is in
examining titles, bat they are not useful or
profitable to the public. If it is practicable to
simplify them very much, cutting of great
era in real estate transactions may begin.
Is it not possible to amend the laws that
the official who now gives a certificate from
time TO time as to the state of the title to
certain property, should bc required to incor-
poratc in deed, whenever It is desired, his
official declaration that the title given by the
seller is at that date clear aud unqucstioned
Then the deeds themselves can BE- simpliied
ninc-tenths Of the legal circumlOcutiOu can be
cut out. A plain description of the property
an official certificate that the title is at present
in A, and grant from A to b, Is all that is
requisite. But deed can also be made trans
fcrable from hand to hand like a bond or
share Of stock, with only the provision that
record notice of such transfer shall be for
wardcd by the seller to the proper Office. And
with restrictions not difficult to provide, money
could be- borrowed as quickly and as safely on
a deed rs collateral security As on any stock
or bond. The result would he that holders of
real estate. when they have to borrow money
at all, would be able to borrow at much lower
rates and without tie trouble and expense
that now attend such operations while the
purchaser could get a clear and officially
certified title in Il few hours practically with
out cost
The effect of such changes would be that a
very large sum of money, now unemployed or
occasionally loaned on call upon collateral
securities, would be either permanently invested !
in real estate or loaned upon it as collateral |
security. Many hundred millions could thus
be employed, to the incalculable advantage of
the land -owners, and the result would be to |
enhance the value of their property. But no
such reform will ever be attempted unless the |
owners Of real estate, both of farms and of !
city property, come to perceive its importance |
and to demand it from legislators.