This paper examines the economics of residential real estate brokerage. Section 2 discusses the role of the residential real estate agent - what the listing agent does, what the selling agent does, and broadly how the residential real estate brokerage market is organized. Section 3 examines...

This article outlines a transaction cost theory of ‘title insurance’ and analyses the role it plays in countries with recording and registration of land titles. Title insurance indemnifies real estate right holders for losses caused by pre-existing title defects that are unknown when the...

This article develops and tests a theory of the institutions that make property rights viable, ensuring their enforcement, mobilizing the collateral value of assets and promoting growth. In contrast to contractual rights, property rights are enforced in rem, being affected only with the consent...

The objective of this research is to study the determinants of the use of intermediated solutions by homeowners. The theoretical perspective of perceived transaction costs provides a relevant framework for understanding the existence of this type of transaction in the real estate sector. From a...

Abstract After emerging from the U.S. real estate and financial markets, financial crisis has gradually become global. Due to both primary and secondary mortgage market problems in the U.S. are accepted as the essential reasons of the current crisis, it is believed that financial markets and...

This paper examines the relevance of the well known "no distortion at the top" result in a model of vertical differentiation. The analysis shows that the no crossing condition is a sufficient but not necessary condition in order to get non distortion at the top. relaxing some of the canonical...

The standard hedonic model of durable assets is a special case of a more general model that contains two additive terms: 1) use value of the existing hedonic vector and 2) the value of the option to reconfigure hedonic characteristics. One empirical implication is that the two parts of value are...