The sun., 1909-01-31
THB REAL ESTATE MARKET
ron AND AGAINST THE NEW
LAND REGISTRATION Law.
Title Insurance Companies Claim THAT
Torrens system IL UnwOrkable,
whereupon the Registration Commit.
tss ers 10 give Free g. nsuitatious.

T0rrens system IL JnwOrkable
Whereupon the Registration Commit.
tss Oners 70 give Free g. nsuitatlOns.
The principal items IN last weeks real
estate news were the purchase OF the
Bryant Building at Liberty and Nassau
streets by a st. Louis syndicate and the FL
ing OF lis pendens on the uptown McAdoo
terminal site by the dry goods house OF
Gimbcl Bros. OF Philadelphia. The lie
vendens furnished definite confirmation
~ ~ g',mor long current that big twelve
story department store Is TO be erected
nver the underground station OF the
Mohdoo tunnel.
The presence Of another establishment
81 this kind In Sixth avenue adjacent to
Thirty fourth street will no doubt add
materially to the importance Of Thirty
fourth street az q crosstown shopping
thoroughfare, and, what Is Of special
interest, this added Importance will be
obtained without diminution es frequently
heretofore Of the capital invested in retail
''ade further downtown. The thirty
story Office building which the ST. Louis
svndicate purposes TO put In place OF the
Bryant Building is also welcome as rep
resenting tendency OF out Of town
capital to centre here. although the need
NJ more housing OF this description lust
nav may be open to question.
The rest OF the weeks realty dealing
was OF the same general order as that
which has prevailed for some time past
Washington Heights lots continued to be
~ active demand for Improvement with
apartment houses. a number of buyers
we're found for private dwellings both
"ast and west Of Central Park aud there
Mas the usual quota Of trades ia which
Naiusble investment property figured.
The land title registration law which
goes into eject tomorrow was the sub
Ject ot good deal OF discussion. The
procedure for obtaining land title regis
lraion certificate is apparently simple.
me law sets apart a special land term
vi the Supreme Court for hearing such
Eases IL provides for the qualification
"i lawyers, conveyanoers and title com
panies as examiners of title. Whenever
such person lays before the land term
81 the court proper evidence Of the va
idity of title the Court directs that all
Claimants against the title shall be mott.
ned by advertisement TO appear at GER
! ain date and establish their claims
none shall appear or after such claims
shall be settled the Court will order the
title registered under the Torrens system.
The Registrar will issue to the tSleholder
a certificate, the fee being s.. There will
he two or three nominal fees for record
ng-all from so cents to 81 so each. An
subsequent passing Of that title will
cost only 81 FOR new certificate and any
nominal fees which may be necessary
mis-, the friends Of the law claim, re-
moves the title from the perpetual
tribute levied by the title insurance
companies.
However, the Title Guarantee and Trust
ompany IN its report for 1908 had this
10 say in reference TO the act:
The Legislature early in the year
Ssed the so-calted title registration law,
torrens act. 1t is not. as most people
State guarantee Of titles The
state does not guarantee the certificate
all IL Is OF no greater force than a
-feree's deed in partition or foreclosure,
I'd person relies on il at his peril unless
he proceedings are regular. He must
'Namine them and the whole prior title
~!ore he can safely take it. The bill NAV a.,
' st be summarized as an attempt To set
running a comparatively short sta tute of 1
mutations. by which all rights in real !
are attempted to he extinglished ,
~ publication OF a general notice to .
Thom il may concern. The efficacy Of .
such a notice, even II the proceedings
q - regular, is still to he tested on CON 1
,titutional grounds.
The act provides that title insurance !
.nrporations and lawyers may qualify
- title examiners. but the certificate in .
egard to the title that must be made
ly the title examiner is such that no SOL
rnt company is likely to make it. Our
'"mpany will not qualify as an examiner
nder the act, and we think that every
'l her reputable title company in the State
hil take the same position. The com
ldny does not fear any loss OF business
through this legislation. Our success ia
New York has been due 10 the fact that
h- 'upplanted an old system by a better
one and there is no probability that the
general public will wish 10 make use OF
= system which is even more difficult
To- operate and understand than the one
mat we have superseded. The buyer Of T.
a piece Of property does not want 10 wait
ia months until the registration pro-
eeding is completed before he takes title
and then two years To find out whether OF
not he has q good title and then have no
Guarantee Of marketability or against ex-
enses Of litigation
The position taken by the Title Guar
nice and Trust Company aud presnm-
MY other similar companies brou ght out
ne following announcement yesterday:
lhe, land title registration Commit
"e wishes TO correct the erroneous state.
nent which has been inspired by certain
interests in regard to the time required
. register titles under the provisions of
ne Land Title Reglst ration act, which
,oes into effect on February l, 1909 In
he hrst place the passing of the title
hder the new law is not in any way de- {
aged or interfered with by the process
u reglst ration. The purchaser gets his
We IN the same manner as heretofore,
he so desires, and may buy or sell dur
hg the process OF registration without
clay or Inconvenience. II il matter
4 common knowledge that at least 95
er cent OF the titles to real estate are |
ood in Greater New York. In cases
'here there is no contest in regard TO
he tle-and in the normal and ordinary
ase there would be no contest-at the :
nd OF twenty days after service is com
iete judgment OF registration can be
btained.
1t Is true that the State does not guar t
ntee' titles under the new law. nor ia there :
ny guarantee by the State Of any of
Is Judgments or DEGREES. II is clear,
owever, that an order OF Court estab-
shing for all time an ihdefeasible title
, a better guarantee than title COM
dny's insurance. A registered title is !
quivalent to a land patent directly from !
De State.
In case there is a contest and objec-
ons are made to registration the time 5
, perfect registration will Of course be !
niger Where there is real ground for
election, however, lawsuit or bill in ,
quty would be necessary even under Z
nd the procedure under the land title !
= Rlstration law would reo,iire less time /