This study examines the traditional compensation model for real estate brokers under which both the listing and buyer brokers are paid by the seller based on a percentage of the property sales price. We argue that this model has not evolved to reflect contemporary legal agency relationships and...

Redemption laws give mortgagors the right to redeem their property following default for a statutorily set period of time. This paper develops a theory that explains these laws as a means of protecting landowners against the loss of non-transferable values associated with their land. A longer...

Although it is axiomatic that property rights of infinite duration are necessary for owners to make efficient long term investments in their property, time limits on property rights are pervasive in the law. This paper provides an economic justification for such limits by arguing that they...

This article examines the impact of repair expenses on the selling price of a house. Using data that include the actual dollar amount of repairs stipulated in the settlement statement, we investigate the frequency and extent to which the performance of major repairs is part of the sales...

This article examines the role of title registration in providing security of property rights for landowners. A simple model is developed to examine the trade-off between increased security of registering title against the administrative costs of accessing the system. The model predicts that the...

Developers attempting land assembly often face a potential holdout problem that raises the cost of development. To minimize this extra cost, developers will prefer land whose ownership is less dispersed. This creates a bias toward development at the urban fringe where average lot sizes are...

In this paper we develop a theoretical framework for determining whether laws designed to reduce lead paint risk are consistent with efficiency. We do this in the context of both owner-occupied and rental housing, and under different informational scenarios depending on who has knowledge about...

Under certainty, unlimited duration of private ownership of land provides landowners with efficient development incentives. However, in cases of ownership risk arising from title mistakes, fraud, boundary encroachment, or adverse possession, the statute of limitations sets a limit on how long...

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...

Developers attempting land assembly often face a potential holdout problem that raises the cost of development. To minimize this extra cost, developers will prefer land whose ownership is less dispersed. This creates a bias toward development at the urban fringe where average lot sizes are...