The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-01-15


ing OF "a Transfer Under It-Un-
der the Old Method 1t Costs From
$25 to $IOo-Everything Can
BE Reduced to IL Nominal Re-
cording Fee.
The resolution recently introduced in
the Minnesota legislature, instructing
the attorney general to prepare a
measure that will enbody the Torrens
system of land transfer is a step in
the right direction. The Torrens sys-
tenn of land transfer is a practical re-
form, already in use in Illinois and
Massachusetts, which does away with
the antique and cumberous form of
convey ance; it makes the transfer of a
lot as simple and direct of perform
ance as the transfer of shares in
stock company.
1t viii reduce the expense of land
transferring from its present indef-
mite cost, ranging from SIS to $780, to a
50 fee. 1t will do away with the pres
ent tortuous and cumbrous abstract
OF title, which recites, tediously, every
instrument affecting the land in ques-
ton, from the government grant, per-
haps century ago, down to the pres
ent time.
1t VIII do away with the necessity of
paying for a legal opinion upon the
title in question, which costs from SO
to 500 or more, varying with the age
and reputation of the examining law
Ter
The Illinois measure, which has been
amended to meet the flaws found by
the supreme court of that state, and
then approved in it's new form by the
same court is the simplest and least
nf nd
legislators would do well to avoid the
errors which delayed the Illinois bill
The first measure was defeated be-
cause it gave judicial powers to regis
trars of title. This was obviated in
the second bill by providing that the
registrars submit their findings upon
titles offered for entry to a competent
court of record.
Under such an act the process of
registration is simple; property offered
for entry is carefully examined by ex-
pert examiners as to the validity of it's
title, and, if found good, becomes
transferable by certificate; at first the
expense will be considerable, as the
state must accumulate a sinking fund
to protect the titles which it has prac-
tically guaranteed; every year, how
ever, the expense will diminish, and in
fifteen years continuous and undis-
puted possession will cure many de-
fects.
The wonderful advantages Of such
measure are obvious to all; it would be
the greatest boon to real estate deal
ers that they could ask; instead of
thirty days delay before a sale could
be closed, the transaction could be
conSummatd in thirty minutes, and
it would prevent any recession on the
part of either party to the deal from
the original agreement on the ground
.. > ILL.,
ing possession.
Aside from the benefits enumerated,
the Torrens system is a great phil
anthropic measure, a purely democrat
ic doctrine, clearly for the greatest
good of the greatest number; it is op
posed only by those individuals and
corporations engaged in the business
of perfecting land titles; this was we'll
instanced by the fact that Senator
Greer, of Wabasha county, who has
thriving land title business, was the
only one to object to the resolution
mentioned above, in the Minnesota
legislature.
When a poor man sells lot to an
other poor man, involving, perhaps, the
sum Of 5000, the expense of providing
ali abstract falls upon the vendor,
which may range from So to SIS, while
the vendee,, if he desires any safety,
must pay at least $40 as a minimum
fee to have the abstract examined to
ascertain if the title is really in the
vendor.
To reduce the entire expense to
nominal recording fee, with absolute
safety to both parties concerned, is
not the least benefit of the Torrens
system.
EDWARD ATKINSON,
the great economist, has recently dis
of
been operating under a system almost
identical with the Torrens law for
more than eighty years. Also that the
average fee for transferring land in
Germany and Austria does not exceed
So. Mr.. Atkinson says:
AT 50 to the pound sterling, the fees in
Prussia On transfer Of land valued at so
are IS cents; $40, $i.25 $3.50, $500; $4,000,
81; 100000, $50. The fees for the record
of mortgages are somewhat less. In Saxony
the fees are somewhat higher, but yet very
low. 1t will be remembered that this fee
gives the buyer a title guaranteed by the
state against al adverse claims.
In Prussia all conveyances are now made
verbally by declaration OF the parties in the
presence vi the land registrar Tor, in some
parts, before notary public, who takes
note of the declarations made, and on COM
parisica with the register, the purchaser is
entered owner without more ado. This
procedure results in the vast majority of
country sales being concluded without any
legal assistance Whatever, at the mere cost
of the registry fees. If desired, the attend
ance and declaration can be made by attorney.
Land Banks-Owing to the extreme ease
with which, after little practice, any ordi-
nary business man can test title and draw
up a mortgage, an immense business is car
ried on under the title Of real credit insti-
buttons and land banks The ordinary bank
ers like our own, do not regard permanent
mortgages OF land as very desirable form
OF investment, though, like our own bankers
they occasionally lend to their own customers
on real security by way of favor But the
Isnd banks are specially formed for the pur-
r5se Of lending money on security of land,
and here land owners can obtain permanent
loans or what is more common, loans 10 be
paid off in forty or fifty years by terminal
annuity, including principal and interest, to
any amount without delay and usually with
out commission or any other expense than the
bare registry fees. The largest land owners
are stated to have found them OF the utmost
service. The debentures Of the land banks
appear among the highest forms OF securities
in great numbers in the daily published lists
of the stock exchange.
I'm Austria and hungary there is no fixed
tariff of professional charges, but told
nv lawyers in good practice in both countries
that their charges are not at all serious. In
Vienna about Il (say so is very usual fee
for the purchasers lawyer for investigating
the register, drawing the deed and attending
tn completion and registration. Ten pounds
with wealthy clients. One of the judges spoke
70 me somewhat complainingly of a bill OF
en- dorins (about f6 Us Cd which he had been
charged for professional help in a purchase
Of 30 COO forms (about 1880.
1.-The representative CT an English company
NOT believe the whole matter could be con-
-,,a.d al sitting but ii was; and notice of