Re:A million-dollar brownstone that no one owned
by tialaramex on Tuesday August 21, 2018 @08:21AM
(#17808890)
Yes, the US still uses physical deeds. The exact rules vary by state but as with lots of other things that are broken in the US, some people get very rich off this being broken and they're determined to keep it broken.
Note that the UK has several registries, since it is very old and the registries cover the historical countries which make up the UK. "The Land Registry" is actually just a land registry for England and Wales, and dates back to 1862. For most of that history the situation has been that registration was entirely voluntary, but registrations trump other paperwork. So if you have a Land Registry entry which says you own this field, but I have a piece of paper that says I own it, tough, you own the field. These days most land will have been registered, transfers for money that aren't registered are now void in England, if you pay me $5M for the paper deed for a farm in Cornwall, but don't register in the process that's a waste of the $5M since I still own the farm afterwards. This ensures you pay the taxes ("stamp duty") owed on land purchases, if you don't pay you can't register, and if you don't register you don't actually own the land.
Note that the UK has several registries, since it is very old and the registries cover the historical countries which make up the UK. "The Land Registry" is actually just a land registry for England and Wales, and dates back to 1862. For most of that history the situation has been that registration was entirely voluntary, but registrations trump other paperwork. So if you have a Land Registry entry which says you own this field, but I have a piece of paper that says I own it, tough, you own the field. These days most land will have been registered, transfers for money that aren't registered are now void in England, if you pay me $5M for the paper deed for a farm in Cornwall, but don't register in the process that's a waste of the $5M since I still own the farm afterwards. This ensures you pay the taxes ("stamp duty") owed on land purchases, if you don't pay you can't register, and if you don't register you don't actually own the land.
[ Edited: Fixed unclear example ]