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The reason for title insurance in the US is that registries do not reflect the final legal status of land, merely the best available information about it. Someo
by closeparen 6y ago
The reason for title insurance in the US is that registries do not reflect the final legal status of land, merely the best available information about it. Someone could show up with a legally valid claim that was not on file.
- the_mitsuhiko 6y agoWhich I would argue is a problem in itself. The current process of ownership transfer of land in the US is problematic because of the lack of ultimate authority.
- gmueckl 6y agoJust to contrast this to other parts of the world: in Germany, the land registry is the only authoritative source for ownership information. So the excerpts from the registry about a certain property are always the complete information by definition. The downside of this is that if a clerk makes an erroneous entry, that error then becomes legally binding. While rare, this does unfortunately happen occasionally and can have pretty wild repercussions.
- pjc50 6y agoYeah, that's the legal system having it the wrong way up. And of course the blockchain doesn't solve that either without legislation making it the source of truth (!)