The Lamar register., 1903-07-22

| solved nv any proceeding or method
| sufficient and proper In law to enforce,
continue, reduce. discharge or dissolve
like liens on unregistered land.
This system slmplities the method OF
| dealing In registered land belonging
to estates, and makes such trahsac,
J tIons much safer. less expensive ana
more expeditions than under the pres
I ent SYSTEM; and 1t is safe to predict
| that 1t will not be many years before
many of the states Will again follow
| the lead of Illinois and compel the
registration of all land belonging to
estates. In that way practically all
real estate will become registered
within one generation. or In about
thirty-hve years after the enactment
| of such provision.
The caution with which the Torrens
| law proceeds with every step taken
under 1t Is perhaps nowhere more
marked or better illustrated than In
the provision for an indemnity or as
surance fund.
Recognizing the fallibilitv Of all hui
man efforts, and acting upon the know
ledge that In the administration OF all
laws some error will be found and
some injustice done, provision has
been made for the correction OF any
mistakes by recourse upon this fuhu.
The fund IL created by the payment,
Mt the time of original registration,
and again when the real estate passes
by descent or devise. of small fee;
In our law and most Of the other
states, this payment Is one-tenth or
one per cent. of the assessed value OF
the property on the basis of the last
assessment for general taxation. The
money Is paid to the Registrar, and by
him Immediately paid over to the
county treasurer, who Is required to
invest 1t In Colorado state. county or
municipal bonds, subject to the ap-
prOval of the court.
If n loss occurs, or some one through
mistake Is deprived of his property,
recourse may be had on this fund and
the loss made good.
1t Is n most remarkable fact. that
throughout the United States and Eng
and no losses have thus far been sus-
tained, Notwithstanding many billions
Of dollars worth of property have al
ready been brought under the opera
ton of this law.
Inc expense of registering title
and securing certificate of owner
ship Is within the reach of every real
estate owner, and Is but little more
tnan the cost of an ordinary transfer.
where an abstract Is provided. an at
torney's opinion obtained and Il few
flaws In the title patcned up. For ex-
ample: On property. the assessed value
of which is one thousand dollars. the
expenses of registration would be
about ms follows:
Cost of abstract about. ........$ 100
District Cour. clerks fee lin
counties of 100000. O)........... 800
Registrars fee, filing application
(Onp-h -hnlf tn cOuntyl m
Publishing summons about. ... 500
Examiners fee (abouD. ........ 1910
Assurance fund (O.1 of l per cent
-Sl,OO0) ............. l.oo
Registrars fee Issuing certih-
cate .................. 2oo
$1,000
Where the assessed valuation of the
property exceeds one thousand dollars.
| one dollar should be added to the
above sum for each additional one
thousand dollars as an assurance
fund: and twenty-five cents upon each
additional thousand dollars of the as
sessed value of the property. eNclu-
sive of improvements, should be added
as the Registrars additional filing fee,
one-half Of which goes to the county.
In other words, the assessed value of
the property is taken as the basis for
the assurance fund fee, while the as
sessed valuation, exclusive of improve
ments. is taken as the basis for the
collec ton OF what may be called the
registrars original filing fee fund.
which is divided equally between the
registrar and the county.
while the law is intended to be so
plain and simple that any person of
ordinary intelligence can conduct the
registration of his own title, II 1t is
not complicated; nevertheless. where
the property is valuable, In this as in
All other legal matters. 1t will be
safer and in the end far better to have
the proceedings conducted by com
petent and careful attorney; and in
that case his fee must, of course, be
added to the above.
The immediate effect of registering
title Is to make the property quick
asset The title is made absolutely
perfect. and it always remains so. The
county itself becomes in reality the in
surer of the title The value of the
land is enhanced by making it more
available as an investment. 1t may be
sold or mortgaged In the time it takes
to nuke out n deed, go to the court
house, file it. surrender the certificate
and obtain new one.
The register shows right on the
lace DI II, anu every DOuS CHI Ht IL
| glance see the exact condition of the
title of any piece of real estate; that
is, wh6 actually owns the property.
and just what liens or incunbrances,
il any. there are on it.
Our present system is expensive and
| incurs great delay and insecurity in
dealing with real estate. While under
| the Torrens system the expense is
| nominal. the title Is absolute and deal
ings of all kinds are greatly facili-
tated. Eventually the law will oper-
ate to dispense with the necessity of
all abstracts of title and all title guar
| anty companies.
| But as every initial registration re-
quireu n complete abstract, and the
law will come into use very slowly
and gradually, being purely voluntary
and optional with the people. it will
be many years before the abstracters
will experience any perceptible dimin-
utiop in their business by reason of
this law.
Evecy one interested in real estate
should carefully read and in fact
study the act itself. The law is such