Arruñada, Benito (2014), “Titling Systems,” in Alain Marciano and Giovanni Battista Ramello (eds.),Encyclopedia of Law and Economics, Springer.
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Titling systems are the institutions used to enforce property rights as rights in rem and reduce the cost of transacting on them. To be effective in non-local markets, they require a registry, which produces information on claims or rights, thus allowing the judge to verify them, establish their relative priority and solve conflicts between claimholders by adjudicating rights in rem and in personam to them. Since the judge relies on register evidence, access to registers also allows contractual parties to reduce their information asymmetry before transacting.