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1 – 10 of 17The purpose of this paper is to examine current Australian e-conveyancing processes to identify its rewards and the risks requiring specific attention in order to protect…
Abstract
Purpose
The purpose of this paper is to examine current Australian e-conveyancing processes to identify its rewards and the risks requiring specific attention in order to protect consumers and ensure ongoing trust in the system.
Design/methodology/approach
Doctrinal legal research engaging with statutory and precedential case law; related policy documents and governmental agreements; academic and other related writings; news materials and Property Exchange of Australia documentation.
Findings
E-conveyancing rewards have received greater understanding than the inherent risks, which needs to be corrected by educating users and consumers.
Originality/value
The research adds to the academic literature in this emerging area of legal risk.
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Andrew Saull, Andrew Baum and Fabian Braesemann
This study presents a structured investigation of the most important causes for delay in commercial real estate transactions. It assesses the potential of digital technologies…
Abstract
Purpose
This study presents a structured investigation of the most important causes for delay in commercial real estate transactions. It assesses the potential of digital technologies such as “Blockchain”, “Property Passports” or “Automated Valuation Models” to make transactions faster and cheaper.
Design/methodology/approach
The authors conduct a focus group interview to identify the individual steps and the parties involved in real estate transactions. Subsequently, the authors discuss the prospects of digital technologies based on semi-structured interviews with real estate professionals and PropTech executives, and a comprehensive screening of technological solutions offered by PropTech firms.
Findings
The lack of an up-to-date, single pool of standardised property information turns out to be the most critical cause for delay in real estate transactions. However, the most promising technologies to mitigate this problem, in particular digital property passports summarising all relevant building information, face substantial barriers to adoption. The real estate industry has so far not been willing to more openly share data, which is a pre-requiste for the successful introduction of property passports. In addition, the principle of caveat emptor makes a lengthy due diligence process essential for buyers.
Practical implications
The authors conclude that industry-wide collaborations are necessary to help major efficiency gaining technologies to break through. Insurance products should accompany property data log books to guarantee the quality of data provided.
Originality/value
This study considers the potential impact of technologies in the wider context of the complete real estate transaction process. It identifies the major phases of that process and the associated bottlenecks. The authors gather evidence both from industry experts and PropTech executives and contrast their views regarding the potential of digital technologies to remove those bottlenecks.
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The purpose of this paper is to analyse whether title to land is secure in England and Wales when registered under the Land Registration Act 2002, in particular when a title is…
Abstract
Purpose
The purpose of this paper is to analyse whether title to land is secure in England and Wales when registered under the Land Registration Act 2002, in particular when a title is registered without the proprietor being able to establish good title under pre‐registration rules of property law.
Design/methodology/approach
This paper analyses reported judgments, with particular emphasis on the decision in Walker v. Burton [2012].
Findings
The paper identifies an uncertainty at the heart of the registration system: the uncertainty as to the extent to which a registered title may be rectified to remove the proprietor. This is acute when it appears that the registered proprietor has no claim to the land other than by reason of his registration. There may be a difference in this regard between intangible property titles and tangible titles.
Originality/value
The Land Registration Act 2002 is meant to replace registration of title with title by registration. The real force of this is only now being realised and there are few reported judgements, and less consistency, working out what this means in practice.
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A first exploration of the impact of blockchain on real estate in the Netherlands took place in 2017. In the follow-up, several blockchain and real estate studies have appeared…
Abstract
Purpose
A first exploration of the impact of blockchain on real estate in the Netherlands took place in 2017. In the follow-up, several blockchain and real estate studies have appeared with research on real estate and blockchain worldwide. In view of the previous research, the question remained as to what is now happening worldwide in the field of blockchain and real estate. This has resulted in the start-up of the Foundation for International Blockchain and Real Estate Expertise (FIBREE) network. This network has led to the launch of two investigations: Industry Report Blockchain Real Estate 2019 on exploration of international products and a database exploring blockchain and real estate on exploring (inter)national research. This paper aims to provides an overview and analysis of all relevant scientific publications – targeted on the Netherlands – and does so within a context of a first small international exploration of international research, experts and products – in particular land registration.
Design/methodology/approach
I have asked everybody at the Regionals Chairs of FIBREE to collect data with info about which blockchain and real estate product-suppliers or initiatives do you see, which research-output on blockchain and real estate is there and who are the experts with which specific expertise? This paper provides an overview and analysis of all relevant scientific publications – targeted on the Netherlands – and does so within a context of a first small international exploration of international research, experts and products – in particular land registration.
Findings
This paper provides an overview and analysis of all relevant scientific publications – targeted on the Netherlands – and does so within a context of a first small international exploration of international research, experts and products – in particular land registration.
Research limitations/implications
A question that remains is to continue to look at existing markets or too disruptive innovation newcomers in the blockchain market. The question is whether blockchain is only a technological disruption or a real game changer and whether the entire value chain of the market is going to embrace this. Confidence in blockchain is therefore a precondition for guiding that disruption where (new) companies use new technology to offer cheaper and superior alternatives in the market. But the big question is how quickly blockchain will develop as well as all its applications.
Practical/social implications
A question that remains is to continue to look at existing markets or too disruptive innovation newcomers in the blockchain market. The question is whether blockchain is only a technological disruption or a real game changer and whether the entire value chain of the market is going to embrace this. Confidence in blockchain is therefore a precondition for guiding that disruption where (new) companies use new technologies to offer cheaper and superior alternatives in the market. But the big question is how quickly blockchain will develop as well as all its applications.
Originality/value
A first exploration of the influence of blockchain on real estate in the Netherlands took place in 2017. In the follow-up, several blockchain and real estate studies appear with research about real estate and blockchain worldwide.
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Balkiz Yapicioglu and Rebecca Leshinsky
This paper aims to set out an argument for the use of blockchain technology as a land registration tool, for Cyprus and other disputed land contexts, to assist with land disputes…
Abstract
Purpose
This paper aims to set out an argument for the use of blockchain technology as a land registration tool, for Cyprus and other disputed land contexts, to assist with land disputes, which may, in turn, promote peace and harmony.
Design/methodology/approach
The paper is exploratory in nature. It raises the historical and present land issues in Cyprus and highlights that blockchain technologies could work as a tool to record disputed property rights on the Island.
Findings
While there have been many pilots to date for blockchain land registration, there is still scope to develop blockchain as a tool to record land interests. Cyprus offers an exemplar opportunity to use such a tool to assist in developing peace on the Island.
Originality/value
While the paper is conceptual in its application of blockchain technologies, it is novel in that it strives to show how technologies such as blockchain can act as a tool to assist with land registration matters, which, in turn, can assist with new ways to approach the peace process. More research is necessary for this area of inquiry, especially as to how sidechains can act as a conduit for recording competing land interests and disputed land claims.
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Vicki Catherine Waye, Collette Snowden, Jane Knowler, Paula Zito, Jack Burton and Joe McIntyre
The purpose of this paper is to examine whether mandatory disclosure of information accompanying the sale of real estate achieves its aim of informed purchasers.
Abstract
Purpose
The purpose of this paper is to examine whether mandatory disclosure of information accompanying the sale of real estate achieves its aim of informed purchasers.
Design/methodology/approach
Using a case study approach focused on mandatory disclosure in South Australia data was collected from interviews and focus groups with key personnel in the property industry involved in the production of information required to fulfil vendors’ disclosure obligations.
Findings
The authors found that purchasers are ill-served by a long and complex form of mandatory disclosure with a short time frame that prevents the use of the information provided. Without good form design and increased digital affordances provided by the cadastral and conveyancing systems, mandatory disclosure is insufficient to ensure minimisation of information asymmetry between vendor and purchaser.
Originality/value
To the best of the authors’ knowledge, this is the first Australian qualitative study that examines the utility of mandatory vendor disclosure in real estate sales and the first to consider the impact of the digitalisation of cadastral and conveyancing systems upon the efficacy of mandatory disclosure regimes.
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