New-York tribune., 1909-01-31
.TORRENS LAW In FORCE
WILL HELP REAL ESTATE.
State Registration of Titles Less
Costlu than at Present.

The land title registration law, or TorTens sys-
TEN. viii go into operation tomorrow. 80 - co.
.,ected to work steadily. with cumulative iooe 40
ere befterrneut of general real estate conoiOous
Titles of property registered under the ID" ~,
fecorrs readily marketable ano aTaliaoIe aS W.
lateral for quick loans m ..,
s,o, certificate is simple. The law sets apart
special land term Of the Supreme Court IoE ne nea-
s-r srrch cases. il provides fcT t1e quAAi4ie
q. tsx-yers conveyancers and ute cOiip@i1e % o
.xarfners OF title Whenever sucn a person toys
ssfors tns land term OF the court proper evloe"ce
Of che validity OF q title the court orects ui0' '
claimants against the title shall De hcIiiieu OS
xertssernent 80 appear at certain oeoe Ano -.
,ish their claims II none shall appear or @1le'
- osas-,s .lau be settled. the court VIII oToer
sha title registered under the TorTens system A
-ezistAr viii issue TO the tile holoeF Oe'
.ba fee being s. There viii be two or three NUM- u
,.I fee, for reccrding-au from 80 cents TO 81 %
- an .,hseorert passing Of that title VIII
,os, only g for new cerdhcats and any nolii,Ni
fees which may be necessary Inns TeinO' ---
xst,e from the title Insurance. costs
In discussing the new Law Davio a - Ci@Ih'
800 n-es.dent of the New York Real helA.e
-s,-8 ~ FsroEers srG chairman OF the Lsno 4l'Ie
,aestst-ation Commission. appointed oS G GOEe' ~
Hughes to investigate conditions ana Ora" ~ ~
sav said yesterday: ..,., 90 +be
.-Anv ons who has given consideration 70 - - :
transfer Of real property in New York Is
.1,, ~ n were possible have titles so kePt
that en- inspection Of the Registers oooAS 80
srovr ali the conditions Of ownership sIea' -
,,ould accrue 20 those interested IN Feai es'aUe-
~ ouyn,r desired to borrow money on his properly
sra was enabled to prove his title sno oO'Ain Iio
,,-sv the same or the next day. after very hoi4i
nal recording charges. the gain "ouIo Do - -
and to the community. Real estate "ou4o &c '0-
z,a-4es into sn asset es evaiiabie as e'OOh0 V
bonds and more secure. since 81 values are 'Ns0u
IN land This is done now IN the German aiio
.,,..-.sn ,r,nires All documents relating to real
,,roperty have been tndexed against the IaiIo
fl7at q short Inspection viii reveal Ell uie O
stona Of ownership An owner OF reai es'000'
--bs4be- large OF small can readily oorro" uPoH
az Great benefits have resulted. Dur these ~ HN
=. =. e, those countries than they should have
Aeen owing TO the heavy transfer taxes hnposeu
,rs.a all transactions whether for conVeEa-1o7s VI
mortgages x,,.,+.. ,b.
In our neighbortng state Of Msssachusep.s uie
.o-.aue6 Torreas act although Il has been ID oP-
.-z+yor only about ten years. is bringing great
advantages Around Boston mortgage loans are
,nsds hy the majority Of savings banks upon Ger
,fsnste OF title issued by the Land Court
.sT1 would seem to one who has strdied the re-
,or4 ~ The commission to investigate the IorTens
svstern etc. which appointed In 1903 by the
Czoxe-nor sro Legislature OF this state that 10
Che &C; resulting therefroul which goes ir1eo enec
~ February / the commission has enoes'oFeo 10
,,-sns such conditions into this state. Inc mOst
-e-fec. manner undoubtedly, would be to have al
St--,-,e,ts relating TO real property indexed
ses.ns1 each holding This. however, would oe e1-
.r.r,elv costly to the stats. and the commission
=. ,-.,eTed 10 follow the lines in force IL Massa-
,-,xs.+.. that is 10 have the title and boundaries
O. s1v prorerty approved by a court proceeding
8. .bs reouest Of its This. In the majority
,r oases can be done at moderate cost ano
.,--safter ell instruments recorded against the
,,-o-ertv and the condition OF the title can ne
saan 81 ouce In this manner. gradually ali rties
can be passed without so great al 'nlmeola'e cosl
the state. .,,
T,sen compelled tc make Its way against the oppo-
60, n. canveyancers and others Interested IN the
1l5er -nethods The results are clearly SHOWN ID
--.tte+,cs from New South Wales, where the real
-s-+,, az. more commonly known as the TorTens
- IA. hsan IL operation for forty-hve years-a
.-soa sufficiently long show the working OF an
-,,.sona1 eysten which, OF course, at hrst makes
a way but slowly In the face OF oid customs aiu
.-s.,,s.oe, In New South Wales titles TO grants
Of Crown lands since 1855 are conpeAeo u % ice
tr+ered The total valuations Of these TO ls0I un-
,,N yEs-. f2e Dsr6 The total valuations Of
,-d ,5tles Of private lands registered at the op-
-, ~ cha owners for the period were tSo-
i sss 25f. ...u..-..
rrh,s shows that the value Of lands registered
s-, choice was greater than that registered from
,-r,,,lston and indicates the popular approvaI OF
-. -ro--ars svsterr The assurance fund ieVled a.
bsIf-seuuy on the pound was, IN 1906 -z0a00'' ll0
s-,cor1e o< which annually was IN excess OI lNe
- .r,uaI amount required for compensation The
-, Ices Maid from the assurance fund from
January L 1863 70 December g. Is9O' were I'''-O'
an average oS ESQ year.
r.. r,,,,eva nres under the To-rens act as COM
rzred with those under the register OF oeeos A0''
were as follows:
Reeistration Torrens