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The Torrens System Its Simplicity, Serviceability and Success

The Torrens System Its Simplicity, Serviceability and Success

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Published by Romeo A. Garing Sr.

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Published by: Romeo A. Garing Sr. on Apr 18, 2010
Copyright:Public Domain

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10/19/2013

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as the basis, for

example, the

following is a

comparison of the

cost between an official examination by the

public office and a

similar examination by a title

company:

Title

company charge, including insurance

$100.00

Survey

15.00

~

$115.00

Register's Office search and examination fees as

outlined above

$40.00

Survey

15.00

Insurance

premium at $1 per $1000

10.00

65.00

Difference in favor of the

Register's Office

$50.00

This difference in favor of the

public office increases with

the value of the

property; for instance, taking the same cal-

culation on the basis of

property worth $100,000:

Title

company examination fee, including insurance $550.00

Survey

15.00

$565.00

Register's Office examination and search fees

$ 40.00

Survey

15.00

Insurance premium at $1 per $1000

100.00

155.00

Difference in favor of the

Register's Office.

$410.00

The real

property in New York County is valued

approxi-

Results in

mately at $5,000,000,000. There are estimated

NewvVrk

to be 100,000 lots in Manhattan. This would

give an average value of $50,000 for each lot

in New York County. Using $50,000 as the unit of

compari-

son we get the

following figures :

Title

company examination and insurance fees

$300.00

Survey

15.00

$315.00

Register's Office examination and search fees

$40.00

Survey

15.00

Insurance premium at $1 per $1000

50.00

105.00

Difference in favor of the

Register's Office

$210.00

THE TORRENS SYSTEM

51

An average saving of $210 for each lot for 100,000 lots would
make an aggregate of $21,000,000, which would be saved to

property-owners of the city of New York by making a full and

complete use of the facilities offered

by the Register's Office.
This saving, of course, would be spread over a period of

years

necessary in

examining the entire

county in the

process of

bringing them under the Torrens Law.
The great saving in the Torrens System, however, is in

transactions subsequent to the original registration. Under

the

present fees, the cost of

transferring a title is

Saving in

two dollars, the Bennett Bill increases this cost subsequent

to three dollars in order to

provide enough to

support the

public office. Either of these sums is so small as to

be hardly felt

by a

person in

making a transfer of

property.

This small sum includes all

expenses of

examining and contin-

uing a title to date, filing the deed, and making out a new

certificate. As a matter of fact, there is no such

thing as con-

tinuing a title or

examining a title after it is once registered

under the Torrens System.
On a $10,000 valuation:

Title

company reissue rate

(one half of the initial

rate)

$50.00

Recording fee for one deed

1.65

Total

$51.65

Torrens certificates

(including filing deed, etc.)

3.00

Difference in favor of Torrens certificate

$48.65

On a $50,000 valuation:

Title

company reissue rate

$150.00

Recording fee for one deed

1.65

Total.

$151.65

Torrens certificate

(including filing deed, etc.)

3.00

Difference in favor of Torrens method

$148.65

On a $100,000 valuation:

Title

company reissue rate

$275.00

Recording fee for one deed

1.65

Total

$276.65

Torrens certificate

(including filing deed, etc.)

3.00

Difference in favor of Torrens method

$273.65

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