Land registration systems provide the means for recognizing formalized property rights, and for regulating the character and transfer of these rights. Registries document certain interests in the land, including information about the nature and spatial extent of these interests and the names of the individuals to whom these interests relate. They also normally record charges and liens, that is rights to retain property against debts as in the case of mortgages, although in some systems these are held in separate registries. In addition, land registries provide documentary evidence that is necessary for resolving property disputes as well as information for a wide variety of public functions (such as land valuation). There are at least three basic types of land registration system: (i) private conveyancing; (ii) registration of deeds; and (iii) registration of title. Under a private conveyancing system, land transactions are handled by private arrangement. Interests in land are transferred by the signing, sealing, and delivery of documents between private individuals with no direct public notice, record, or supervision. The pertinent documents are held either by the individuals to a transaction or by an intermediary such as a notary. In such a system, the state has little control over the registration process (save for regulating the intermediaries) and there is little if any security for errors or fraud. Also, private conveyancing systems are invariably slow and expensive. Despite these serious limitations, notarial versions of private conveyancing are still found in many parts of Latin America. Under a system of registration of deeds, a public repository is provided for registering documents associated with property transactions (deeds, mortgages, plans of survey, etc.). There are three basic elements in deeds registration: the logging of the time of entry of a property document; the indexing of the instrument; and the archiving of the document or a copy thereof. While there are many types of deed registration system, they are all based on three core principles (Nichols 1993): 1. Security-registration of a document in a public office provides some measure of security against loss, destruction, or fraud.
Blasier, Cole. The Hovering Giant : U.S. Response to Revolutionary Change in Latin America, 1910-1985. Revised Edition. Pittsburgh, University of Pittsburgh Press, Pitt Latin American Series, 1985, 364 p.
