This paper examines the impact of land title systems on property values. The predominant system in the U.S., the recording system, awards title to claimants over current possessors, whereas the Torrens registration system awards title to the current owner. In theory, the registration system...

A fundamental aspect of private property is the right to exclude trespassers or squatters. Nonetheless, in all 50 states a trespasser can acquire ownership by continuously occupying a parcel of land until the statutorily set period of limitations runs out. Although these adverse possession...

The traditional law of leases imposed no duty on landlords to mitigate damages in the event of tenant breach, whereas the modern law of leases does. An economic model of leases, in which absentee tenants may or may not intend to breach, shows that the traditional rule promotes tenant investment...