Daily Yellowstone journal., 1891-02-12

THE Pioner Pres, in SllIding I'd
torislly tothe probability # Mass
chusetrs adopting tn Australian ~'s
Ten OF land transfer. giv,s ;he follow
ing interesting description of the
system.
The Australian system Of land trans
fer, now in force also in some provinces
OF the Dominion of Canada, is Admir-
able for IL simplicity and certainty.
We are al familiar with the difficulties
which will attend, IN all our IA -,
the transfer # real property. In "A
comparatively new cOmmuniJ". like
this. where real estate has passed
through but a few hands since the
government gave title to IL. these are
less severely felt. tut in Mas tchu cts
they are already becoming almost un-
bearab,e The records If title in n
single county IN hundreds of volumes.
A man who wishes TO sell "a lot or ia
must show a clear iit 2; and for This
these voluminous records must be
searched, at the cost Of much time and
money with the possibility al~sys
present that some little flaw will be
overlooked which may cost the pur-
chaser his interest. And the trouble
is cumulative. Each generation adds
to the records, until conveyancing
becomes almost as complicated and
costly as in England
To remedy this there is alread rcsOrt
10 title insurance comp tnies, which
assume the burden Of examination
aud the response ility for defects Of
title. BY paying 70 such a company
its stipulated f., The purchaser or
MORTGAGE il Insured against loss.
Now, in the Torrens system, the
state does this 1usrness; aud becomes,
ia effect. a . yau ic title insurance
company for u real estate within it,
bOrdefs. w su that system is adopt
ed, the pure assr Of real property ap
sesrCh,s tit 2, aud has all imperfrc
tons RENE lied. IL then ISSUES 10 the
applicant the states certificate. From
that date there il no more eXamina-
ton Of title. Real estate j. transferred
by certificate, exactly as railroad
share. or o,her stocks. At each trans
fer the former owner surrendsrs his
certiic tte of title, and the state issues
auotl,er 10 the new holder. A small
fee is charged each time, which l. suf-
ficient not only T. cover the cost Of The
transaction, but also TO provide an in
uranc fund out Of Vhich possible
losses msy be paid. For, after the
state has once Issued a certificate, II
becomes responsible for defects Of title.
Toe owner OF proTe rty then holds II,
IN eff, CT. not on wsrrantee from The
former owner, but from the safe. In
Canada the deed runs straight from
the crown, and the crown is behind
every real estate title regularly pro-
cured and properly registered.
Nothing but the conservatism which
pres rves old institutions long after
their usefulness is ended hiss kept the
new method Of land transfer from
general adoption. Theoretically il is
perfect. The storm Of practical obiec-
tons raised against it at fret has been
quoted by the demonstration of its
success in Australia a3d IN Canada,
These new countries, where intelli
gence is sharpened by the conflict
with nature, where men are prone "a
experiment and fearless in invention
are fruitful Of valuable devices. The
reform ballot 10 one s1ch gift IN the
older world. Toe reform system OF
land transfer will be another. 1t II "a
be commended to the study Of every
legislature now in .ession.